Thai Industry Codes Adding the Most Revenue Since 2019 (2026)
In short
Wholesale and retail trade added 15.2 trillion baht of revenue between 2019 and 2025. That is 76.7 percent of the 19.8 trillion baht gain across industry-classified filers. Manufacturing came second with 3.1 trillion baht. Four five digit codes in wholesale alone supplied 63.5 percent of the national increase. Finance and real estate both ended smaller than they began.
Which industries added the most revenue after 2019?
Wholesale and retail trade won this window by a distance. Its filed revenue rose from 18.30 trillion baht in 2019 to 33.50 trillion baht in 2025 (DBD, 2026). That is a gain of 15.2 trillion baht, or 76.7 percent of everything the classified filers added. Manufacturing is the only other section above one trillion, at 3.1 trillion baht. Why 2019? It is the last full year before the pandemic, so the comparison asks what the economy looks like now against the world before 2020. We compare only two endpoints and skip the years between, so the registry coverage jump around 2018 cannot distort the answer.
Revenue added by industry section, 2019 to 2025
- Wholesale and retail trade15,196
- Manufacturing3,051
- Transportation and storage419
- Construction257
- Accommodation and food service246
- Administrative and support210
- Human health and social work158
- Mining and quarrying136
- Agriculture, forestry and fishing118
- Professional, scientific and technical101
- Real estate-81
- Financial and insurance-199
Figures in billion baht added.
Wholesale and retail dwarfs every other section. Finance and real estate are the only two that ended below their 2019 level.
Revenue by section at both endpoints
| Industry section | 2019 revenue | 2025 revenue | Change | Ratio | Share of gain |
|---|---|---|---|---|---|
| Wholesale and retail trade | 18,304 | 33,500 | 15,196 | 1.83x | 76.7% |
| Manufacturing | 18,092 | 21,143 | 3,051 | 1.17x | 15.4% |
| Transportation and storage | 1,353 | 1,773 | 419 | 1.31x | 2.1% |
| Construction | 1,516 | 1,773 | 257 | 1.17x | 1.3% |
| Accommodation and food service | 564 | 810 | 246 | 1.44x | 1.2% |
| Administrative and support | 745 | 955 | 210 | 1.28x | 1.1% |
| Human health and social work | 318 | 475 | 158 | 1.50x | 0.8% |
| Mining and quarrying | 284 | 420 | 136 | 1.48x | 0.7% |
| Agriculture, forestry and fishing | 249 | 367 | 118 | 1.48x | 0.6% |
| Professional, scientific and technical | 790 | 891 | 101 | 1.13x | 0.5% |
| Real estate | 1,169 | 1,088 | -81 | 0.93x | -0.4% |
| Financial and insurance | 2,899 | 2,700 | -199 | 0.93x | -1.0% |
Filed revenue in billion baht, change, ratio and share of the national gain, statement years 2019 and 2025, as of 14 Aug 2026.
The five digit codes behind the gain
| TSIC code | Section | 2019 revenue | 2025 revenue | Added | Ratio | Share of national gain |
|---|---|---|---|---|---|---|
| 47732 | G | 1,710 | 8,848 | 7,139 | 5.18x | 36.0% |
| 46621 | G | 475 | 3,525 | 3,051 | 7.43x | 15.4% |
| 46492 | G | 822 | 2,599 | 1,777 | 3.16x | 9.0% |
| 46900 | G | 344 | 966 | 621 | 2.80x | 3.1% |
| 19201 | C | 2,613 | 3,189 | 576 | 1.22x | 2.9% |
Top five TSIC codes by revenue added, billion baht, 2019 to 2025. Codes are unnamed in the registry, so only the numbers are shown.
Why the ranking differs from the 2015 to 2025 ladders
Our earlier ladders start in 2015 and reward sectors that grew from a small base. This window starts later and ranks by baht added, so size matters. Mining, agriculture and health all grew about 1.5 times, yet their absolute gains are small. Wholesale grew 1.83 times from a base already above 18 trillion baht, and that is what makes it unmatched. Its share of national revenue rose from 38.1 percent in 2019 to 49.4 percent in 2025. One code, 47732, grew 5.18 times and alone supplied 36.0 percent of the national gain.
Why this matters
If you track the Thai economy through registry revenue, you are mostly tracking trade. Half of filed revenue now sits in one section, and four trading codes alone added four times what all of manufacturing did. Read this with care. Filed revenue includes pass through sales, so trading firms can look large without keeping much margin. Finance and real estate tell the opposite story. Both ended 7 percent lower than in 2019, a period when almost every other section expanded. For anyone sizing a market, the lesson is to check the ratio and the base together, because the biggest gain and the fastest growth are rarely the same industry.
Definitions
- TSIC
- Thailand Standard Industrial Classification, the five digit code that places each company in an industry.
- Revenue added
- Filed revenue in 2025 minus filed revenue in 2019 for the same industry.
- Ratio
- Revenue in 2025 divided by revenue in 2019. A ratio of 2.00 means revenue doubled.
- Share of the gain
- An industry's revenue added divided by the national revenue added.
- Statement year
- The financial year of a filed statement. The registry stores it in the Buddhist calendar, so 2562 is 2019 and 2568 is 2025.
Assumptions
- Revenue covers only companies that filed a statement, and filing coverage grew between 2019 and 2025, so part of the gain reflects more filers.
- Revenue is nominal baht, not adjusted for inflation.
- Section assignment uses the current industry table, and five digit codes carry no names in the registry.
- Trading revenue includes pass through sales and says little about profit.
Methodology
Figures come from the Department of Business Development registry as of 14 August 2026, the date the underlying aggregates were last computed. Revenue is the sum of total revenue reported in filed financial statements for statement years 2562 and 2568 in the Buddhist calendar, which are 2019 and 2025. Five digit TSIC codes were grouped into sections using the industry table. Only the two endpoints are compared, and 2026 is excluded as incomplete. Codes with no revenue in either year are left out of the code ranking. National totals sum the industry-classified sections, so they sit about 0.1 percent below the all-filer yearly totals of 48.12 and 67.95 trillion baht. Filing coverage changes over time, so company counts are not held constant.
How we verified this
- National revenue 2019 of 48,055.14 billion baht and 2025 of 67,867.70 billion baht give a gain of 19,812.56 billion baht, a ratio of 1.41 times.
- The eighteen section gains sum to 19,812.56 billion baht, matching the national difference exactly.
- Wholesale gain 33,500.07 minus 18,304.28 is 15,195.80 billion baht, which is 76.7 percent of 19,812.56.
- Wholesale share of revenue is 18,304.28 over 48,055.14, or 38.1 percent in 2019, and 33,500.07 over 67,867.70, or 49.4 percent in 2025.
- Code gains 7,138.8 plus 3,050.7 plus 1,777.4 plus 621.0 equal 12,588.0 billion baht, or 63.5 percent of the national gain.
- Code 47732 ratio is 8,848.37 over 1,709.58, or 5.18 times, and its share is 7,138.8 over 19,812.6, or 36.0 percent.
- Finance ratio 2,700.39 over 2,899.33 is 0.93 and real estate 1,088.29 over 1,169.28 is 0.93, a decline of about 7 percent each.
- Manufacturing gain 21,142.88 minus 18,091.83 is 3,051.1 billion baht, which is 15.4 percent of the national gain.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Which Thai industry added the most revenue between 2019 and 2025?
Wholesale and retail trade, with 15.2 trillion baht added, or 76.7 percent of the national gain (DBD, 2026).
Which single industry code grew the most in baht?
TSIC code 47732 added 7.1 trillion baht and grew 5.18 times, from 1.71 to 8.85 trillion baht.
Did any sector lose revenue since 2019?
Yes. Financial and insurance fell to 0.93 times its 2019 level, and real estate fell to 0.93 times as well.
Why compare 2019 and 2025 only?
2019 is the last full pre pandemic year, and comparing two endpoints avoids distortion from the 2018 coverage spike.
Cite this page
Chatpong L. (2026). Thai Industry Codes Adding the Most Revenue Since 2019 (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-adding-the-most-revenue-since-the-2019-pre-pandemic-year-2026
Data & corrections
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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.