Manufacturing vs Transportation and Logistics in Thailand 2026
In short
Manufacturing counts 230,396 companies against transportation and storage's 85,273, a ratio of 2.70 to 1, as of 17 July 2026. Manufacturing's 25.13 trillion baht in revenue beats transportation's 2.15 trillion baht by 11.67 times. Transportation and storage still posts the fatter net margin, 6.27 percent against manufacturing's 4.38 percent. It also earns the higher return on equity, 11.02 percent against 9.84 percent. Return on assets is nearly tied. Scale sits in one sector, efficiency in the other.
How do manufacturing and transportation and logistics compare?
Manufacturing is the biggest sector in Thailand's company register, and transportation and storage runs at roughly a third of its size. As of 17 July 2026, manufacturing counts 230,396 registered companies against transportation and storage's 85,273, a ratio of 2.70 to 1 (DBD, 2026). The revenue gap runs far wider than the headcount gap. Manufacturing firms reported 25.13 trillion baht in aggregate revenue against 2.15 trillion baht for transportation and storage, putting manufacturing ahead by 11.67 times. Profitability flips the story. Transportation and storage posts a 6.27 percent net margin against manufacturing's 4.38 percent, a gap of 1.9 percentage points. Return on equity follows the same pattern, 11.02 percent for transportation and storage against 9.84 percent for manufacturing. Return on assets is close to a tie, 4.56 percent against 4.52 percent. Manufacturing wins on scale. Transportation and storage wins on how efficiently it turns revenue and equity into profit.
Net margin and return on equity, manufacturing vs transportation and storage
- Manufacturing net margin4
- Transportation and storage net margin6
- Manufacturing return on equity10
- Transportation and storage return on equity11
Figures in percent.
Transportation and storage keeps more of each baht of revenue and earns more per baht of equity, despite running at a fraction of manufacturing's scale.
Manufacturing and transportation and storage side by side
| Metric | Manufacturing (C) | Transportation and storage (H) |
|---|---|---|
| Registered companies | 230,396 | 85,273 |
| Companies with a filed statement | 148,775 (64.6%) | 51,510 (60.4%) |
| Total revenue | 25.13 trillion baht | 2.15 trillion baht |
| Total net profit | 1.10 trillion baht | 135.07 billion baht |
| Net margin | 4.38% | 6.27% |
| Return on assets | 4.52% | 4.56% |
| Return on equity | 9.84% | 11.02% |
| Revenue per filing company | 168.9 million baht | 41.8 million baht |
| Top company by revenue | PTT Public Company Limited | Thai Airways International Public Company Limited |
Section-level aggregates from the DBD registry, as of 17 Jul 2026.
Why the mismatch matters
Manufacturing carries Thailand's industrial identity. Its scale explains why. It holds 11.58 percent of all registered companies and 31.36 percent of national revenue, more than any other sector in the register. Transportation and storage holds a far smaller footprint, 4.29 percent of registered companies and 2.69 percent of revenue, yet it converts each baht of revenue and each baht of shareholder equity into more profit than manufacturing does. A logistics operator running fewer trucks and warehouses than a factory floor still walks away with a fatter margin and a stronger return on the capital shareholders put in. That combination of thinner volume and thicker returns is exactly the profile an investor screens for when a sector looks small on paper but earns well per baht deployed. National transport and logistics growth data from NESDC point the same direction, with the sector expanding faster than manufacturing through 2025 (NESDC, 2026). Anyone sizing up Thailand's industrial base against its supply chain backbone needs both lenses at once, one for footprint and one for return.
Definitions
- Net margin
- Aggregate net profit for a sector divided by aggregate revenue for that sector. A margin of five percent means five satang of profit for every baht of revenue.
- Return on assets
- Aggregate net profit divided by aggregate total assets for a sector, a measure of how efficiently a sector's asset base generates profit.
- Return on equity
- Aggregate net profit divided by aggregate shareholder equity for a sector, a measure of how much profit a sector generates per baht that owners have invested.
- Companies with a filed statement
- The count of companies in a section whose most recent financial statement is on file with the DBD and feeds the revenue, profit and ratio figures. Companies without a filing are excluded from those figures but still counted in the total company count.
- TSIC section
- One of 21 lettered top-level categories in Thailand's Standard Industrial Classification. Section C covers manufacturing and section H covers transportation and storage.
Assumptions
- Section H, transportation and storage, is used as the proxy for transportation and logistics, since the DBD register carries no separate logistics-only classification.
- Net margin, return on assets and return on equity are section-wide aggregates, the sum of profit divided by the sum of revenue, assets or equity, not the average of each company's individual ratio.
- Only companies that filed a financial statement contribute to revenue, profit and ratio figures, so both sectors are measured on the same reporting basis.
- Figures reflect the DBD registry snapshot computed on 17 July 2026 and will shift as new filings are processed.
Methodology
Figures are aggregate totals for TSIC section C, manufacturing, and section H, transportation and storage, drawn from the DBD registry as of 17 July 2026. Net margin, return on assets and return on equity are section-wide aggregates, total net profit or assets or equity divided by the section total, not an average of each company's own ratio. Only companies that filed a financial statement contribute to revenue, profit, asset and equity figures. Section H is the closest DBD classification to transportation and logistics, since no separate logistics-only code exists in the register.
How we verified this
- Company count ratio recomputed as 230,396 divided by 85,273 equals 2.70, matching the stated headline ratio.
- Revenue ratio recomputed as 25,130,983,654,715 baht divided by 2,153,938,479,254 baht equals 11.67, matching the stated headline ratio.
- Net margin gap recomputed as 6.27099 percent minus 4.37615 percent equals 1.89 percentage points, rounding to the stated 1.9 point gap.
- Return on equity gap recomputed as 11.01864 percent minus 9.84069 percent equals 1.18 percentage points, matching the stated gap.
- Return on assets recomputed as 4.55539 percent for transportation and storage against 4.51760 percent for manufacturing, a gap of 0.04 points, confirmed as effectively tied.
- Section revenue shares recomputed against the national total of 80,146,498,562,464 baht, giving manufacturing 31.36 percent and transportation and storage 2.69 percent of national revenue.
- Revenue per filing company recomputed as total revenue divided by companies_with_data, giving 168.9 million baht for manufacturing and 41.8 million baht for transportation and storage, a ratio of 4.04.
- Company shares of the national register recomputed against the 1,989,709 total registered companies, giving manufacturing 11.58 percent and transportation and storage 4.29 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2026). Thai economic performance in Q4 of 2025 and the outlook for 2026. https://www.nesdc.go.th/en/download/press-release-47/?ddl=99987
Frequently asked questions
Does manufacturing or transportation and logistics have more companies in Thailand?
Manufacturing has far more, 230,396 registered companies against 85,273 for transportation and storage, a ratio of 2.70 to 1 as of 17 July 2026.
Which sector is more profitable, manufacturing or transportation and logistics?
Transportation and storage runs the higher net margin, 6.27 percent against manufacturing's 4.38 percent, and the higher return on equity, 11.02 percent against 9.84 percent.
How much bigger is manufacturing's revenue than transportation and logistics?
Manufacturing reported 25.13 trillion baht in aggregate revenue against 2.15 trillion baht for transportation and storage, 11.67 times as much.
Is there a dedicated logistics code in Thailand's company register?
No. The DBD classification groups transportation and logistics companies under TSIC section H, transportation and storage, with no separate logistics-only code.
Cite this page
Chatpong L. (2026). Manufacturing vs Transportation and Logistics in Thailand 2026. Max Data Insights. https://maxdatathailand.com/insights/manufacturing-vs-transportation-and-logistics-in-thailand-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.