Thailand's Biggest Absolute Revenue Gain by Industry Code
In short
Retail sale of jewellery, industry code 47732, added about 8.05 trillion baht in revenue between 2015 and 2025, more than any other industry code in Thailand. That gain runs roughly two and a half times ahead of the next largest, wholesale of gold and metal ores. It beats fuel retail, the next largest ordinary consumer code, by more than 21 times. Jewellery retail alone accounts for close to 30 percent of all revenue growth across 938 industry codes over the decade. Percentage growth leaderboards miss this story because jewellery retail did not grow the fastest, it just grew the biggest.
Which industry code added the most revenue in baht terms?
One five digit industry code stands well clear of the rest of the Thai economy. Code 47732, retail sale of jewellery in specialized stores, added about 8.05 trillion baht in revenue between 2015 and 2025, climbing from roughly 802.7 billion baht to roughly 8,848.4 billion baht. No other industry code comes close in raw baht terms. The second largest gain belongs to code 46621, wholesale of gold and metal ores, which added 3.22 trillion baht over the same decade. Jewellery retail gained about two and a half times more than that. Compare it against an ordinary consumer retail category instead, and the gap widens further. Fuel retail, code 47300, added 382.5 billion baht, the largest gain among non gold retail codes, and jewellery retail still beat it by more than 21 times.
Absolute revenue gain by industry code, 2015 to 2025
- Retail sale of jewellery (47732)8
- Wholesale of gold and metal ores (46621)3
- Wholesale of watches and jewellery (46492)2
- Non specialized wholesale trade (46900)1
- Wholesale, unspecified liquid fuels (46612)1
- Retail sale of automotive fuel (47300)0
Figures in trillion baht added.
Two of the three biggest gainers trade in gold. Jewellery retail sits in a category of its own.
Top six industry codes by absolute revenue gain, 2015 to 2025
| Industry code | Revenue 2015 (billion baht) | Revenue 2025 (billion baht) | Absolute gain (billion baht) | Companies 2015 | Companies 2025 |
|---|---|---|---|---|---|
| Retail sale of jewellery (47732) | 802.7 | 8,848.4 | 8,045.6 | 2,117 | 8,523 |
| Wholesale of gold and metal ores (46621) | 305.0 | 3,525.4 | 3,220.4 | 351 | 458 |
| Wholesale of watches and jewellery (46492) | 696.9 | 2,599.4 | 1,902.5 | 1,812 | 1,615 |
| Non specialized wholesale trade (46900) | 279.1 | 965.5 | 686.4 | 3,748 | 6,608 |
| Wholesale, unspecified liquid fuels (46612) | 239.6 | 871.1 | 631.6 | 882 | 1,033 |
| Retail sale of automotive fuel (47300) | 602.9 | 985.5 | 382.5 | 4,677 | 6,715 |
Total reported revenue by five digit TSIC code, statement year 2015 versus statement year 2025, as of 17 Jul 2026.
Why the leaderboard hides in plain sight
Percentage growth rankings would never surface this story. A tiny code can post a triple digit growth rate off a small base and still add less money to the economy than a code that only doubled off a much bigger base. Jewellery retail is the opposite case. Its revenue grew about elevenfold over the decade, a strong rate on its own, but the reason it tops this list is scale, not speed. Registered companies in the code grew from 2,117 to 8,523, roughly fourfold. Revenue per company rose from about 379 million baht to about 1.04 billion baht over the same decade. Much of that revenue sits with gold bullion houses registered under the jewellery code rather than storefront jewellers. The largest single company in the code, Hua Seng Heng Commoditas Company Limited, now reports more revenue on its own than the entire code did back in 2015, a scale shift worth sitting with. Gold trading firms record the full value of bullion bought and sold as revenue, so a rising gold price and rising trading volume both inflate the top line even before any markup is counted. That is also why the second placed code, wholesale of gold and metal ores, is really the same gold story told from the wholesale side of the register rather than the retail side.
Why this matters
A country's growth story usually gets told through percentages, and Thailand's economic commentary is no exception. This ranking asks a blunter question instead, which industry code actually put the most extra baht into the economy. The answer is a category most growth trackers overlook, jewellery and gold retail, and the scale is not close. Almost 30 percent of the combined revenue growth across every industry code that reported in both 2015 and 2025 sits inside one five digit code. That concentration matters for anyone reading Thailand's registered economy as broad based expansion. A meaningful share of the last decade's headline revenue growth traces back to the price and volume of gold moving through a small number of trading houses, not to a wide base of firms across many sectors growing together.
Definitions
- TSIC code
- Thailand Standard Industrial Classification code, a five digit number the DBD assigns to a registered company's main business activity, based on the international ISIC system.
- Absolute revenue gain
- The plain baht difference between an industry code's total reported revenue in a later year and its total reported revenue in an earlier year, as opposed to a percentage growth rate.
- Statement year
- The fiscal year a company's filed financial statement covers. The source table records this year on the Buddhist calendar, converted here to the equivalent Gregorian year for clarity.
- Aggregate revenue
- The sum of reported revenue across every company in an industry code that filed a financial statement for that year, not an average of individual company figures.
Assumptions
- Only companies that filed a financial statement for the given statement year contribute to that year's revenue figure, so a code's true revenue could be somewhat higher.
- Gold trading firms report gross transaction value as revenue rather than net trading margin, so part of the gain reflects turnover and gold price movement rather than markup.
- The 938 code total used as the denominator for the 29.9 percent share includes only codes with matching data in both 2015 and 2025, and excludes codes that only reported in one of the two years.
- Five digit TSIC codes are not named in the source data, so code identities were matched against Thailand's published TSIC 2009 classification list rather than read directly from the database.
Methodology
Revenue figures are aggregate total reported revenue per five digit TSIC industry code, drawn from the DBD registry via Max Data's read only aggregate tables as of 17 Jul 2026. Statement year 2015 corresponds to Buddhist calendar year 2558 and statement year 2025 corresponds to 2568. The absolute gain is revenue in 2568 minus revenue in 2558 for each code, using only codes that reported revenue in both years, 938 codes in total. Codes are five digit TSIC classifications and are not named in the source table beyond their numeric code, so code identities were confirmed against Thailand's published TSIC 2009 classification list. Figures are aggregate sums across all reporting companies in a code, not simple averages, and gold trading firms record bullion sale value as gross revenue rather than net margin.
How we verified this
- Recomputed the gain for code 47732 directly as 8,848,365,418,737.62 minus 802,737,978,686.88, equal to 8,045,627,440,050.74 baht, matching the reported 8.05 trillion figure.
- Recomputed the ratio of code 47732's gain to code 46621's gain as 8,045,627,440,050.74 divided by 3,220,397,613,433.37, equal to about 2.50, confirming the two and a half times comparison.
- Recomputed the ratio of code 47732's gain to code 47300's gain as 8,045,627,440,050.74 divided by 382,528,375,277.72, equal to about 21.03, confirming the more than 21 times comparison.
- Summed total_revenue across all 5 digit TSIC codes for statement year 2558 and 2568 separately, joined on codes present in both years, 938 codes, for a combined gain of 26,915,778,330,996.92 baht, then divided code 47732's gain into that total for a share of about 29.9 percent.
- Confirmed 768 of the 938 matched codes gained revenue and 170 declined, and cross checked that the sum of all matched gains and losses equals the 26.92 trillion baht total used as the denominator.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Gold Traders Association of Thailand. (2026). Gold bar price announcements. https://www.goldtraders.or.th/
Frequently asked questions
Which Thai industry code added the most revenue between 2015 and 2025?
Retail sale of jewellery, TSIC code 47732, added about 8.05 trillion baht, more than any other five digit industry code in the registry.
Is jewellery retail also the fastest growing industry code?
No. Its revenue grew about elevenfold over the decade, a strong rate, but several smaller codes posted faster percentage growth off a tiny base. Jewellery retail leads on absolute baht added, not on growth rate.
Why did jewellery retail add so much revenue?
Much of the code's revenue comes from large gold bullion trading firms registered under the jewellery classification. They record the full value of gold bought and sold as revenue, so both a rising gold price and rising trading volume push the code's total higher.
How does this gain compare to the rest of the economy?
Jewellery retail's gain equals close to 30 percent of the combined revenue growth across all 938 industry codes that reported in both 2015 and 2025.
Cite this page
Chatpong L. (2026). Thailand's Biggest Absolute Revenue Gain by Industry Code. Max Data Insights. https://maxdatathailand.com/insights/thailands-biggest-absolute-revenue-gain-by-industry-code-2015-2025
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.