Thai Industry Codes With the Biggest Revenue Drops, 2024-25 (2026)
In short
Industry code 19201 in manufacturing lost 572.52 billion baht of revenue between 2024 and 2025, the biggest baht fall in Thailand. Insurance code 65120 fell 89.09 percent, the steepest drop among codes with over 100 billion baht of revenue. Of 997 comparable codes, 530 shrank. The ten largest baht falls add up to 1,915.87 billion baht. Even so, total revenue across the same codes rose 5.21 percent, as of 14 August 2026.
Which industry codes lost the most revenue in 2024 to 2025?
Code 19201 lost the most baht, 572.52 billion, as its revenue slid from 3,761.18 to 3,188.66 billion baht (DBD, 2026). That is a 15.22 percent drop, huge in baht but modest in proportion. The sharpest proportional collapses sit in the financial and insurance section. Code 65110 fell 81.90 percent and code 65120 fell 89.09 percent. Those two alone shed 674.61 billion baht. The registry labels 5-digit codes only by number, so this page names the section and leaves the code as the identifier.
Ten largest revenue falls by industry code, 2024 to 2025
- Code 19201, Manufacturing573
- Code 65110, Financial and insurance468
- Code 65120, Financial and insurance206
- Code 29102, Manufacturing113
- Code 46315, Wholesale and retail98
- Code 29309, Manufacturing97
- Code 29103, Manufacturing93
- Code 10611, Manufacturing91
- Code 35101, Electricity and gas89
- Code 46612, Wholesale and retail88
Figures in billion baht lost.
Baht losses concentrate in a few manufacturing and finance codes. The longest bar is code 19201.
Largest revenue falls in baht
| Code | Section | Companies 2024 | Companies 2025 | Revenue 2024 | Revenue 2025 | Change | Change % |
|---|---|---|---|---|---|---|---|
| 19201 | Manufacturing | 99 | 92 | 3761.18 | 3188.66 | -572.52 | -15.22% |
| 65110 | Financial and insurance | 82 | 93 | 571.62 | 103.46 | -468.15 | -81.90% |
| 65120 | Financial and insurance | 89 | 85 | 231.73 | 25.27 | -206.46 | -89.09% |
| 29102 | Manufacturing | 94 | 92 | 1193.97 | 1081.37 | -112.60 | -9.43% |
| 46315 | Wholesale and retail | 935 | 880 | 399.26 | 301.69 | -97.58 | -24.44% |
| 29309 | Manufacturing | 1,763 | 1,731 | 1588.45 | 1491.44 | -97.01 | -6.11% |
| 29103 | Manufacturing | 8 | 5 | 248.30 | 155.42 | -92.88 | -37.41% |
| 10611 | Manufacturing | 883 | 841 | 322.61 | 231.23 | -91.38 | -28.33% |
| 35101 | Electricity and gas | 2,979 | 3,025 | 702.17 | 613.20 | -88.97 | -12.67% |
| 46612 | Wholesale and retail | 1,086 | 1,033 | 959.44 | 871.12 | -88.32 | -9.21% |
Revenue by 5-digit TSIC code in statement years 2024 and 2025, billion baht, as of 14 Aug 2026.
Steepest percentage falls among sizeable codes
| Code | Section | Companies 2024 | Companies 2025 | Revenue 2024 | Revenue 2025 | Change % |
|---|---|---|---|---|---|---|
| 53100 | Transportation and storage | 32 | 28 | 21.78 | 0.66 | -96.96% |
| 01612 | Agriculture | 28 | 26 | 1.91 | 0.10 | -94.96% |
| 26402 | Manufacturing | 20 | 18 | 7.31 | 0.38 | -94.80% |
| 65120 | Financial and insurance | 89 | 85 | 231.73 | 25.27 | -89.09% |
| 65110 | Financial and insurance | 82 | 93 | 571.62 | 103.46 | -81.90% |
Codes with at least 1 billion baht of revenue and 20 companies in 2024, ranked by percentage fall, billion baht, as of 14 Aug 2026.
Why this matters
A fall in a code is not a verdict on its businesses. Half of the ten biggest baht losses came from codes with fewer than 100 reporting companies, where one large filer moving can swing the total. Insurance code 65110 even gained companies, from 82 to 93, while revenue dropped 81.90 percent, which points to a change in how revenue is booked or who filed rather than customers vanishing. The healthier reading is breadth. Gains of 7,202.01 billion baht elsewhere swamped the 3,843.99 billion baht lost, even though 530 of 997 codes shrank. Anyone sizing a market should check both the count of filers and the revenue basis before treating a drop as demand.
Definitions
- TSIC code
- Thailand Standard Industrial Classification. A 5-digit code assigned to each company by main activity, grouped into lettered sections.
- Revenue change
- Revenue in statement year 2025 minus revenue in 2024, in baht or as a percentage of 2024.
- Comparable code
- A code with filed revenue in both 2024 and 2025.
Assumptions
- Codes are identified by number because the registry holds no names for 5-digit codes.
- Late or missing filings for 2025 can lower a code total.
- Small codes are volatile because one large filer can dominate.
- Revenue is nominal and not adjusted for inflation.
Methodology
Revenue is the sum of total revenue reported in filed financial statements for each 5-digit TSIC code, from the Department of Business Development registry, with rows computed on 14 August 2026. Statement years follow the Gregorian calendar here, so 2024 and 2025 are the two latest complete years. Only codes reporting in both years are compared, which gives 997 codes. The incomplete 2026 filings are excluded. Percentage rankings require at least 1 billion baht of 2024 revenue and 20 companies to avoid tiny bases. Figures are reported revenue and are not adjusted for inflation or late filings.
How we verified this
- Net change recomputed: 67,867.23 minus 64,509.22 billion baht equals 3,358.01 billion baht, which is 5.21 percent of the 2024 total.
- Falls minus rises recomputed: 7,202.01 minus 3,843.99 equals 3,358.01 billion baht, matching the net change.
- Share of shrinking codes recomputed: 530 divided by 997 equals 53.16 percent.
- Code 19201 recomputed: 3,188.66 minus 3,761.18 equals minus 572.52 billion baht, a 15.22 percent fall.
- Code 65120 recomputed: 25.27 divided by 231.73 equals 0.109, a fall of 89.09 percent.
- Codes 65110 and 65120 combined fall recomputed: 468.15 plus 206.46 equals 674.61 billion baht.
- Top ten falls summed: 572.52 plus 468.15 plus 206.46 plus 112.60 plus 97.58 plus 97.01 plus 92.88 plus 91.38 plus 88.97 plus 88.32 equals 1,915.87 billion baht, or 49.84 percent of the 3,843.99 billion baht total fall.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code and statement year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Which Thai industry code lost the most revenue from 2024 to 2025?
Code 19201 in manufacturing, which lost 572.52 billion baht, a fall of 15.22 percent.
Which code fell the most in percentage terms?
Among codes with at least 1 billion baht of revenue and 20 companies, transportation code 53100 fell 96.96 percent. Insurance code 65120 fell 89.09 percent from a far larger base.
Did Thai revenue shrink overall in 2025?
No. Across the 997 comparable codes, revenue rose 5.21 percent, even though 530 codes shrank.
Does a revenue drop mean businesses in the code are failing?
Not necessarily. Few filers, changes in who filed and accounting basis can all move a code total, so check company counts first.
Cite this page
Chatpong L. (2026). Thai Industry Codes With the Biggest Revenue Drops, 2024-25 (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-the-biggest-one-year-revenue-drops-2024-2025-2026
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.