Thai Industry Codes Below Their Historic Peak, 2026
In short
759 of Thailand's 998 five-digit industry codes with a current filing record now sit below their historic peak in active filers, as of 14 August 2026. That is 76 percent of every code that still reported companies in 2025. The average declining code runs 11.14 percent under its own best year. Only 239 codes, 23.9 percent, are sitting at their all time high right now. Construction and water and waste have the widest share of codes past their peak, while electricity and gas is the one section still mostly climbing.
How many Thai industry codes are below their historic peak?
759 of Thailand's 998 five-digit industry codes with a current filing record now count fewer active filers than they did in their single best year on record, as of 14 August 2026 (DBD, 2026). That works out to 76 percent of every code that still reported companies in 2025. Only 239 codes, 23.9 percent, sit at their all time high right now. The average code that has slipped below its peak is running 11.14 percent under that peak, though the gap ranges from a fraction of a percent to more than 86 percent for the single steepest decline. A weighted look across every filer in every code tells a gentler story. Total current filers sit only 4.3 percent below total peak filers, because the codes with the largest percentage declines tend to be small codes with only a handful of companies to begin with.
Share of industry codes below their historic peak, by section
- Construction96
- Water and waste93
- Mining and quarrying90
- Transportation and storage86
- Wholesale and retail trade83
- Agriculture, forestry and fishing81
- Manufacturing79
- Information and communication77
- Administrative and support76
- Real estate67
- Financial and insurance62
- Professional, scientific and technical57
- Human health and social work53
- Other services52
- Accommodation and food service50
- Education50
- Arts and entertainment39
- Electricity and gas33
Figures in percent of codes now below peak.
Construction and water and waste show the fewest codes still sitting at their all time high. Electricity and gas is the only section where most codes are still at or above their historic best, though it has just six codes total.
Which sections are most likely to have already peaked
| Industry section | Codes with a 2025 record | Codes below peak | Share below peak |
|---|---|---|---|
| Construction | 22 | 21 | 95.5% |
| Water and waste | 14 | 13 | 92.9% |
| Mining and quarrying | 19 | 17 | 89.5% |
| Transportation and storage | 51 | 44 | 86.3% |
| Wholesale and retail trade | 167 | 139 | 83.2% |
| Agriculture, forestry and fishing | 84 | 68 | 81.0% |
| Manufacturing | 369 | 291 | 78.9% |
| Information and communication | 51 | 39 | 76.5% |
| Administrative and support | 42 | 32 | 76.2% |
| Real estate | 6 | 4 | 66.7% |
| Financial and insurance | 37 | 23 | 62.2% |
| Professional, scientific and technical | 28 | 16 | 57.1% |
| Human health and social work | 19 | 10 | 52.6% |
| Other services | 25 | 13 | 52.0% |
| Accommodation and food service | 18 | 9 | 50.0% |
| Education | 22 | 11 | 50.0% |
| Arts and entertainment | 18 | 7 | 38.9% |
| Electricity and gas | 6 | 2 | 33.3% |
Five-digit codes with a complete 2025 filing record, by industry section, ranked by share now below their historic peak, as of 14 Aug 2026.
When did the declining codes hit their peak?
Most of the 759 declining codes did not peak long ago. 391 of them, 51.5 percent of the group, hit their all time high in 2024, just one year before the current count. Another 164 codes peaked in 2022 or 2023. Only 113 codes, 14.9 percent of the group, last saw their best year in 2016 or earlier, meaning their decline has been running for close to a decade or more. The pattern points to a broad pullback that started recently rather than a slow long run fade spread evenly across the economy.
Why a code sitting below its own peak matters
A single code below its own peak is not alarming on its own. Companies close, merge and get reclassified every year, and a filing count can dip while the underlying market keeps growing through the survivors. What is harder to explain away is the spread. Three out of four codes with a complete 2025 record are past their best year, and more than half of those hit that best year only one year ago, in 2024. That timing lines up with the broader softening the Department of Business Development flagged for 2025, when new company registrations fell 2.68 percent and total registered capital fell 7.53 percent year on year (The Nation Thailand, 2026). Construction and water and waste, both tied closely to public infrastructure spending and cyclical building activity, show the widest share of codes past their peak. Electricity and gas, still expanding under the country's power buildout, is the one section where most codes are still at or above their historic high. For anyone reading this registry as a leading indicator, the shift from growth to plateau already looks broad based, even if the size of the pullback in any single code stays small.
Definitions
- TSIC code
- The five-digit Thailand Standard Industrial Classification code the Department of Business Development assigns to a company's registered business activity.
- Filer count
- The number of companies that filed a financial statement for a given TSIC code in a given statement year, drawn from the registry's aggregate tables.
- Historic peak
- The highest annual filer count a TSIC code has recorded across every complete statement year in the dataset, 2007 through 2025.
- Current filing record
- Having at least one company file a financial statement in the most recent complete year, 2025, so the code has a current count to compare against its own peak.
- Statement year
- The fiscal year a filed financial statement covers, recorded in the registry using the Thai Buddhist calendar, which runs 543 years ahead of the Gregorian calendar.
- Weighted gap
- The shortfall calculated across all filers in all codes combined, as opposed to a simple average of each code's own percentage shortfall. A weighted figure is pulled toward the behavior of large codes, while a simple average gives a small code the same weight as a large one.
Assumptions
- A code's peak year can fall anywhere from 2007 through 2025, the range of complete statement years in the dataset. The earliest years, 2001 through 2006, exist in the source table but cover too few codes and companies to ever surface as a peak.
- Statement year 2026 is excluded from both the peak search and the current count because registry coverage for that year is still filling in and its filer count is far too low to be comparable.
- The 11.14 percent average shortfall treats every declining code equally regardless of size. A filer weighted view across all 998 codes shows a smaller gap of 4.3 percent, because the steepest percentage declines cluster in codes with only a handful of companies.
- A code sitting below its historic peak is a filer count comparison only. It does not by itself indicate financial distress, consolidation or reclassification, any of which could produce the same pattern in the data.
Methodology
Filer counts come from market_tsic_year_insight, which reports the number of companies with a filed financial statement for each five-digit TSIC code in each statement year, drawn from the Department of Business Development registry and refreshed 14 August 2026. A code's historic peak is the highest annual filer count it recorded in any complete statement year from 2007 through 2025. The year 2026 is excluded because registry coverage for it is still filling in and its count is far too low to compare. A code counts as having a current filing record if it reported at least one company in 2025, the most recent complete year, so a current count exists to measure against its own past best. Section shares are calculated by joining each five-digit code to its 21-letter industry section and comparing counts of codes above, at and below their own peak.
How we verified this
- 759 plus 239 was recomputed and equals 998, matching the total count of five-digit codes with a 2025 filing record, with zero codes above their own peak by construction.
- The average shortfall among the 759 declining codes was recomputed as the mean of peak minus current divided by peak across all 759 rows, giving 11.14 percent, matching the headline average.
- 759 divided by 998 was recomputed directly and equals 76.1 percent, and 239 divided by 998 equals 23.9 percent, the two summing to 100 percent.
- The 18 section level counts of codes below peak were summed independently, 21+13+17+44+139+68+291+39+32+4+23+16+10+13+9+11+7+2, and total 759, matching the national figure exactly.
- The weighted aggregate gap was recomputed as total peak filers, 746,216, minus total current filers, 714,157, divided by total peak filers, equal to 32,059 divided by 746,216, or 4.30 percent, a materially smaller figure than the 11.14 percent simple average because it is not skewed by small codes.
- The peak year buckets for the 759 declining codes were summed independently, 391 plus 164 plus 91 plus 113, and total 759, confirming the 2024 peak share of 51.5 percent.
- The single steepest decline was recomputed as 2,772 minus 382 divided by 2,772, equal to 86.22 percent, the largest shortfall in the dataset.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement filing aggregates by year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- The Nation Thailand. (2026, January 20). New business registrations slip in 2025, DBD says. https://www.nationthailand.com/business/corporate/40061481
Frequently asked questions
How many Thai industry codes are currently below their historic peak in filer count?
759 of the 998 five-digit TSIC codes with a current 2025 filing record, 76 percent of that group, count fewer active filers today than in their single best year on record.
How far below their peak are the declining codes, on average?
The average declining code sits 11.14 percent below its own best year. Weighted across every filer in every code, the economy wide gap is a smaller 4.3 percent, because the steepest percentage declines are concentrated in small codes.
Which industry sections have the most codes past their peak?
Construction, water and waste, and mining and quarrying have the highest share of codes below peak, each above 89 percent. Electricity and gas is the only section where most codes, 66.7 percent, are still at or above their historic high.
When did most of the declining codes hit their peak?
391 of the 759 declining codes, 51.5 percent, peaked in 2024, just one year before the current count, which points to a recent and fairly sudden pullback rather than a long slow fade.
Cite this page
Chatpong L. (2026). Thai Industry Codes Below Their Historic Peak, 2026. Max Data Insights. https://maxdatathailand.com/insights/how-many-thai-industry-codes-sit-below-their-historic-peak-2026
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.