Thai Industry Codes With 4+ Revenue Declines in 6 Years (2026)
In short
288 of 961 Thai five-digit industry codes saw total revenue fall in at least four of the six yearly steps from 2019 to 2025. That is 30.0 percent of the codes we can track end to end. Only 15 codes, 1.6 percent, fell every single year. Information and communication was the hardest hit, with 51.0 percent of its codes in the four-plus club. Data is as of 14 August 2026.
Which Thai industry codes fell in four or more of six years?
288 of the 961 industry codes we can follow from 2018 to 2025 recorded lower total revenue in at least four of the six yearly steps between 2019 and 2025 (DBD, 2026). That is just under one code in three. Another 71 fell in five steps, and 15 fell in all six. Most of the pain sits in manufacturing, which supplies 144 of the 288 codes. In proportion, though, information and communication is worse off, because 25 of its 49 codes land in the club. Only 46 codes escaped with no decline at all.
How many revenue declines each industry code logged, 2019 to 2025
- 0 declines46
- 1 declines122
- 2 declines252
- 3 declines253
- 4 declines202
- 5 declines71
- 6 declines15
Figures in number of industry codes.
Codes are grouped by how many of the six yearly steps showed lower revenue than the year before. The three right-hand bars make up the 288.
Share of codes in the four-plus club, by industry section
- Information and communication51
- Manufacturing39
- Financial and insurance31
- Administrative and support29
- Agriculture, forestry and fishing26
- Other services25
- Construction23
- Wholesale and retail trade22
- Transportation and storage18
- Professional, scientific and technical11
- Education5
Figures in percent of tracked codes in the section.
Sections with at least 20 tracked codes. Information and communication tops the list and education sits at the bottom.
One bad year does not explain it
Declines were not spread evenly through time. In 2020, 667 codes shrank, which is 69.4 percent of the 961. In 2022 only 123 did, or 12.8 percent. Then 2025 turned hard again, with 512 codes down, a 53.3 percent share. A code needs four of these six shocks to qualify, so it takes more than the pandemic year. These are industries that kept slipping even in the good stretch.
Codes with lower revenue than the year before
- 2019371
- 2020667
- 2021307
- 2022123
- 2023339
- 2024319
- 2025512
Figures in number of codes, out of 961.
Each bar compares a year with the one before it. The 2019 bar is measured against 2018, a year when registry coverage expanded, so it likely overstates real contraction.
The 15 codes that fell every year
| TSIC code | Industry section | Companies | Fewest filers in a year |
|---|---|---|---|
| 68101 | Real estate | 26,207 | 8,305 |
| 59112 | Information and communication | 3,881 | 1,179 |
| 01299 | Agriculture, forestry and fishing | 535 | 235 |
| 25992 | Manufacturing | 365 | 165 |
| 46413 | Wholesale and retail trade | 308 | 56 |
| 58131 | Information and communication | 227 | 72 |
| 17091 | Manufacturing | 222 | 76 |
| 26302 | Manufacturing | 186 | 40 |
| 60201 | Information and communication | 173 | 51 |
| 61301 | Information and communication | 111 | 25 |
| 32901 | Manufacturing | 87 | 36 |
| 60202 | Information and communication | 85 | 26 |
| 28120 | Manufacturing | 75 | 45 |
| 64923 | Financial and insurance | 36 | 11 |
| 47893 | Wholesale and retail trade | 18 | 7 |
Five-digit TSIC codes with lower revenue in all six yearly steps from 2019 to 2025, as of 14 Aug 2026. Companies is the number of registered companies in the code. Fewest filers is the smallest number of companies reporting in any year from 2018 to 2025.
Why this matters
A falling total can mean the industry is dying, or it can mean a handful of filers stopped reporting. The two stories look identical in a revenue line and call for very different decisions. Four of the 15 relentless decliners have fewer than 30 filing companies in their thinnest year, so treat those with suspicion. The code with real weight is 68101, with 26,207 registered companies and at least 8,305 filing every year. A lender, landlord or supplier exposed to a code like that is watching a large pool shrink. Check the filer count before you trust the slope.
Definitions
- TSIC code
- Thailand Standard Industrial Classification. The five-digit code assigns each company to one narrow line of business, and the first letter groups codes into broad sections.
- Revenue decline
- A year in which a code's total revenue is lower than in the year before.
- Tracked code
- A code with positive total revenue in every year from 2018 to 2025.
- Filer
- A registered company that submitted a financial statement for the year.
- Aggregate
- A total across all companies in a code, rather than an average of single companies.
Assumptions
- Revenue is summed over companies that filed, so a drop can reflect fewer filers rather than real contraction.
- The 2019 step is measured against 2018, when registry coverage expanded, so the 2019 decline count is likely overstated.
- Revenue is nominal baht and is not adjusted for inflation.
- Codes missing a year of revenue are excluded, so the 961 is not all 1,045 codes in the table.
- Rows used were computed on 14 August 2026, later than the 7 July 2026 anchor in the data guide.
Methodology
Source: Department of Business Development registry aggregates, five-digit TSIC code by statement year, rows computed through 14 August 2026. Statement years are converted from the Buddhist calendar, so 2561 to 2568 become 2018 to 2025. A code is included only if it reports positive total revenue in all eight years, which leaves 961 codes. A decline is a year where a code's total revenue is lower than the year before, giving six comparisons from 2019 to 2025. Revenue is the sum over filing companies, so changes in who files affect the result. Sections are taken from the TSIC section letter of each code. Five-digit codes are not named in the source.
How we verified this
- Distribution of declines sums to the tracked total: 46 + 122 + 252 + 253 + 202 + 71 + 15 = 961.
- Four-plus group recomputed: 202 + 71 + 15 = 288, and 288 / 961 = 29.97 percent, shown as 30.0 percent.
- Sector counts of four-plus codes sum to 288: 144 + 37 + 25 + 16 + 12 + 11 + 9 + 6 + 6 + 5 + 4 + 3 + 3 + 2 + 2 + 1 + 1 + 1 = 288.
- Yearly decline counts sum to the step total: 371 + 667 + 307 + 123 + 339 + 319 + 512 = 2,638, which equals 122 + 2 x 252 + 3 x 253 + 4 x 202 + 5 x 71 + 6 x 15 = 2,638.
- Fell-every-year share: 15 / 961 = 1.56 percent. Never-fell share: 46 / 961 = 4.79 percent.
- Section shares: information and communication 25 / 49 = 51.0 percent, manufacturing 144 / 367 = 39.2 percent, wholesale and retail 37 / 166 = 22.3 percent, education 1 / 21 = 4.8 percent.
- Year shares of 961: 2020 is 667 / 961 = 69.4 percent, 2022 is 123 / 961 = 12.8 percent, 2025 is 512 / 961 = 53.3 percent.
- Codes among the 15 with a minimum filer count below 30: 60202 at 26, 64923 at 11, 61301 at 25 and 47893 at 7, so 11 of 15 clear the 30-filer bar, matching the separate count of 11.
- Sensitivity: requiring at least 30 filers in every year leaves 739 codes, of which 151 + 58 + 11 = 220 have four-plus declines, 29.8 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/
Frequently asked questions
How many Thai industry codes had four or more revenue declines from 2019 to 2025?
288 of 961 tracked five-digit codes, or 30.0 percent, as of 14 August 2026 (DBD, 2026).
How many codes fell in every one of the six years?
15 codes, which is 1.6 percent of the 961 tracked codes. Another 46 never fell.
Which sector has the highest share of declining codes?
Information and communication, where 25 of 49 codes, 51.0 percent, had four or more declines. Manufacturing has the most codes in absolute terms at 144.
Does a revenue decline mean companies in the code are failing?
Not necessarily. The figure is total revenue of filing companies, so fewer filers, lower prices or a shift to other codes can all reduce it.
Cite this page
Chatpong L. (2026). Thai Industry Codes With 4+ Revenue Declines in 6 Years (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-four-or-more-revenue-declines-in-six-years-2019-2025-2026
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.