Thai Industry Codes Still Below 2019 Revenue in 2025 (2026)
In short
Of 200 Thai industry codes that lost more than 20 percent of revenue in 2020, 88 were still below their 2019 revenue in 2025. Another 110 recovered fully. Two codes have no 2025 revenue on file. The 88 laggards lost 40.1 percent in 2020 and ended 2025 at 22.5 percent below 2019. Manufacturing holds 31 of them and information and communication has the worst record, with 11 of 16 codes still short.
Which industry codes never got their 2019 revenue back?
Start with the cohort. The registry holds 1,045 five-digit industry codes with revenue by year, and 200 of them lost more than 20 percent of revenue in 2020 (DBD, 2026). By 2025, 110 of those 200 had climbed back to or past their 2019 revenue. Another 88 had not. Two codes have no 2025 revenue at all. So the honest answer is that 44 percent of the hardest-hit codes are still short of where they stood before the pandemic. The pain was not evenly spread, and neither was the repair. The 88 laggards fell 40.1 percent in 2020, while the 110 recoverers fell a smaller 28.1 percent. A deeper hole was harder to climb out of. The Thai economy itself shrank 6.1 percent in 2020, its worst year since 1998 (World Bank, 2021).
Industry codes still below 2019 revenue, by section
- Manufacturing31
- Information and communication11
- Wholesale and retail trade10
- Transportation and storage8
- Agriculture5
- Financial and insurance5
- Arts and entertainment5
- Other services3
- Administrative and support3
- Professional, scientific and technical3
- Mining and quarrying3
- Human health and social work1
Figures in number of 5-digit codes.
Counts of the 88 laggard codes. Manufacturing has the most, but information and communication fails at the highest rate: 11 of its 16 hard-hit codes.
The ten largest codes that have not recovered
| TSIC code | Section | 2019 revenue | 2020 revenue | 2025 revenue | 2020 change | 2025 vs 2019 |
|---|---|---|---|---|---|---|
| 51101 | Transportation and storage | 276.92 | 67.98 | 265.80 | -75.5% | -4.0% |
| 29101 | Manufacturing | 185.67 | 148.08 | 181.43 | -20.2% | -2.3% |
| 73101 | Professional, scientific and technical | 181.14 | 118.61 | 133.19 | -34.5% | -26.5% |
| 64201 | Financial and insurance | 159.61 | 75.71 | 89.69 | -52.6% | -43.8% |
| 61109 | Information and communication | 133.46 | 101.14 | 55.10 | -24.2% | -58.7% |
| 14112 | Manufacturing | 105.16 | 79.51 | 97.67 | -24.4% | -7.1% |
| 79120 | Administrative and support | 74.70 | 21.13 | 73.66 | -71.7% | -1.4% |
| 51201 | Transportation and storage | 64.50 | 25.56 | 58.54 | -60.4% | -9.2% |
| 46411 | Wholesale and retail trade | 58.15 | 44.83 | 47.45 | -22.9% | -18.4% |
| 70103 | Professional, scientific and technical | 56.80 | 42.52 | 42.64 | -25.1% | -24.9% |
Revenue in billion baht for the ten biggest laggard codes by 2019 revenue. Change columns compare with 2019. Registry data as of 14 Aug 2026.
Two different kinds of unfinished recovery
Look at the table and two stories separate. Code 51101 fell 75.5 percent in 2020 and sits just 4.0 percent short in 2025. That is a near-complete rebound that narrowly misses the line. Code 79120 shows the same shape, 71.7 percent down and now 1.4 percent short. Then there are the codes that stalled. Code 61109 lost 24.2 percent in 2020 and is 58.7 percent below 2019 today. Its slide kept going after the shock was over. Information and communication shows this at section scale, where the hard-hit codes together earned 247.5 billion baht in 2019 and 128.8 billion baht in 2025, a fall of 47.9 percent.
Why this matters
A recovery headline hides a split. The 110 recovered codes grew their combined revenue 24.8 percent over 2019, so the average rebound looks strong. The 88 laggards, which held 24.3 percent of the cohort's 2019 revenue, are still 22.5 percent smaller. Any lender, buyer or supplier who treats 2020 as a one-year shock would misjudge these codes. For some, the shock was the start of a lower level. For others, a few points of revenue stand between them and a full recovery. Check which group a code belongs to before you price its risk. Revenue is also nominal, so a code that merely matched 2019 has lost ground against six years of rising prices.
Definitions
- TSIC code
- The five-digit Thai Standard Industrial Classification code that places a company in a narrow line of business.
- Recovered
- A code whose 2025 total revenue is at or above its 2019 total revenue.
- Laggard code
- A code that lost over 20 percent in 2020 and has 2025 revenue below its 2019 level.
- Nominal revenue
- Revenue in current baht, without adjustment for price changes.
Assumptions
- Only companies with a filed financial statement contribute revenue, so late filings can shift a code's total.
- Five-digit codes carry no public names in this registry extract, so industries are identified by code and section.
- The 20 percent threshold is applied to total code revenue, not to individual companies.
- A code can fall short because firms left, shrank or stopped filing, and the aggregate cannot separate these.
Methodology
Source: Department of Business Development registry aggregates, read as of 14 August 2026. For each five-digit TSIC code, total reported revenue of companies with a filed statement was compared across statement years 2019, 2020 and 2025, converted from the Buddhist year labels 2562, 2563 and 2568. The cohort is every code with positive 2019 revenue and 2020 revenue below 80 percent of 2019. Recovered means 2025 revenue at or above 2019. Revenue is nominal and not adjusted for inflation. Codes can change coverage as more companies file late, so small gaps near the 2019 line are sensitive to that.
How we verified this
- Cohort recount: 110 recovered plus 88 below 2019 plus 2 with no 2025 revenue equals 200.
- Laggard share of the 200: 88 divided by 200 is 44.0 percent. Recovered share: 110 divided by 200 is 55.0 percent.
- Laggard 2020 change: 1,145.20 divided by 1,913.21 minus 1 is minus 40.1 percent. Recoverers: 4,289.22 divided by 5,962.39 minus 1 is minus 28.1 percent.
- Laggard 2025 vs 2019: 1,483.48 divided by 1,913.21 minus 1 is minus 22.5 percent. Recoverers: 7,439.97 divided by 5,962.39 minus 1 is plus 24.8 percent. All values in billion baht.
- Laggard share of cohort 2019 revenue: 1,913.21 divided by 7,875.63 is 24.3 percent.
- Section counts 31+11+10+8+5+5+5+3+3+3+3+1 sum to 88. Information and communication: 11 of 16 is 68.8 percent. Its revenue 128.83 divided by 247.48 minus 1 is minus 47.9 percent.
- Code 51101: 67.98 divided by 276.92 minus 1 is minus 75.5 percent, and 265.80 divided by 276.92 minus 1 is minus 4.0 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code and year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- World Bank. (2021). Thailand economic monitor July 2021: The road to recovery. World Bank Group. https://www.worldbank.org/en/country/thailand/publication/thailand-economic-monitor-july-2021-the-road-to-recovery
Frequently asked questions
How many Thai industry codes are still below their 2019 revenue?
Among the 200 codes that lost over 20 percent of revenue in 2020, 88 were below their 2019 revenue in 2025, per DBD registry data as of 14 August 2026.
Which section has the most codes that have not recovered?
Manufacturing, with 31 codes. Information and communication has the highest failure rate, with 11 of 16 hard-hit codes still short.
Is the revenue adjusted for inflation?
No. Figures are nominal baht, so a code that only matched its 2019 revenue lost real value.
Why do two of the 200 codes not count as recovered or not?
They have no revenue on file for 2025, so no comparison with 2019 is possible.
Cite this page
Chatpong L. (2026). Thai Industry Codes Still Below 2019 Revenue in 2025 (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-that-never-recovered-their-2019-revenue-after-the-pandemic-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.