Thailand's Fastest Growing TSIC Codes, 2007-2025 (2026)

Updated 24 September 2026Data as of 14 August 2026Verified

In short

TSIC code 47732 compounded revenue at 32.7 percent a year for the full 18 years from 2007 to 2025, the fastest of any Thai industry code with a meaningful base. Its total revenue rose from 54.7 billion baht to 8.85 trillion baht. Two more codes, 46621 and 47912, cleared 29 percent a year over the same span. All three sit in wholesale and retail trade, and their largest filers are gold bullion traders, not motor fuel firms. The whole matched economy grew revenue just 6.0 percent a year across the same 18 years.

TSIC 47732

Fastest growing TSIC code, 2007 to 2025

wholesale and retail trade section

32.7%

18-year revenue CAGR, TSIC 47732

54.7 billion to 8.85 trillion baht

Revenue growth, TSIC 47732

161.7 fold over 18 years

29.2%

Second fastest code, TSIC 46621

18-year revenue CAGR

6.0%

Whole matched economy, same 18 years

903 codes with revenue data in both 2007 and 2025

62.8%

Top filer share of TSIC 47732 revenue

Hua Seng Heng Commoditas, gold bullion trading

Which industry code grew revenue fastest from 2007 to 2025?

TSIC code 47732 wins outright. Its aggregate revenue rose from 54.7 billion baht in 2007 to 8.85 trillion baht in 2025, a 161.7 fold increase, which compounds to 32.7 percent a year for all 18 years (DBD, 2026). Two close followers, TSIC 46621 and TSIC 47912, both compounded above 29 percent a year over the same span. All three codes sit inside section G, wholesale and retail trade. None of them are what a casual guess would expect. The largest filer in code 47732 is Hua Seng Heng Commoditas, a gold bullion trading house, and it alone reports 62.8 percent of the code's total revenue. The largest filer in code 46621 is MTS Gold, at 98.4 percent of that code's entire revenue. Gold, not fuel, drove Thailand's fastest 18 year climb.

18-year revenue CAGR, top 10 TSIC codes, 2007 to 2025

4773233
4662129
4791229
2821126
6311325
2620124
4610423
6499123
9200122
5320022

Figures in percent a year.

The top three codes, all in wholesale and retail trade, compound near or above 29 percent a year. The gap to the tenth code is still wide.

Twelve fastest growing five digit codes by revenue, 2007 to 2025

TSIC code	Section	Revenue 2007, billion baht	Revenue 2025, billion baht	18-year CAGR
47732	G, wholesale and retail trade	55	8,848	32.7%
46621	G, wholesale and retail trade	35	3,525	29.2%
47912	G, wholesale and retail trade	3	327	29.1%
28211	C, manufacturing	1	62	25.8%
63113	J, information and communication	2	116	24.8%
26201	C, manufacturing	6	268	23.7%
46104	G, wholesale and retail trade	3	137	23.4%
64991	K, financial and insurance	1	26	22.8%
92001	R, arts and entertainment	0	17	21.8%
53200	H, transportation and storage	3	119	21.6%
52299	H, transportation and storage	1	26	19.1%
86202	Q, human health and social work	2	41	19.0%

Codes with at least 100 million baht of revenue and 10 filing companies in both 2007 and 2025, ranked by 18-year CAGR, as of 14 Aug 2026.

Why gold trading revenue exploded, and why the margins tell a different story

Global gold prices help explain part of the pattern. The metal averaged about 695 dollars an ounce in 2007 and climbed to roughly 3,400 dollars an ounce in 2025, a compound rate near 9.2 percent a year (World Bank, 2025). That alone is far short of the 32.7 percent pace TSIC code 47732 posted, so price appreciation explains only a slice of the growth. The rest comes from volume and formalization. Filer count in code 47732 grew 5.3 fold, from 1,608 companies in 2007 to 8,523 in 2025, as more gold shops registered and started filing statements. Code 47912 shows a different mix. Its filer count grew 33.1 fold while revenue grew 99.9 fold. Revenue per filer still roughly tripled, from about 16.6 million baht to 50.2 million baht, but that gain is dwarfed by the 33.1 fold jump in filer count, so most of the climb is new companies entering a crowded trade, not existing filers earning far more. None of this shows up as profit. Code 47732 runs a thin 7.9 percent net margin. Code 46621 runs a net margin of negative 0.3 percent, effectively zero. Code 47912 runs a net margin of negative 15.9 percent. A code can lead the country in revenue growth and still barely keep any of what passes through its books. For comparison, the whole matched economy, 903 five digit codes with revenue data in both 2007 and 2025, grew total revenue at just 6.0 percent a year across the same span. The fastest code outran the whole economy by more than five times.

Definitions

TSIC code: Thailand Standard Industrial Classification code, a five digit number that identifies a company's specific line of business within one of 21 broader lettered industry sections.
CAGR: Compound annual growth rate, the constant yearly percentage that would carry a starting value to an ending value over a given number of years. Calculated here as the 2025 value divided by the 2007 value, raised to the power of 1 over 18, minus 1.
Industry section: One of 21 lettered top level categories, such as G for wholesale and retail trade, that groups related five digit TSIC codes.
Net margin: Net profit as a share of revenue for all companies in a code that filed a financial statement in that year. A negative margin means the code's companies reported a combined loss.
Statement year: The fiscal year a company's financial statement covers. The source system records it in the Buddhist calendar, which runs 543 years ahead of the Gregorian calendar, so year 2550 equals 2007 and year 2568 equals 2025.
Matched code: A TSIC code with recorded revenue in both the 2007 and 2025 statement years, allowing a direct endpoint comparison. 903 of the codes tracked meet this test.

Assumptions

The ranking is limited to codes with at least 100 million baht of revenue and at least 10 filing companies in both 2007 and 2025, so a tiny starting base cannot produce an extreme but economically meaningless multiple.
CAGR is computed from the two endpoint years only, not smoothed across the 18 intervening years, so a code with one volatile spike year could show the same CAGR as a code that grew steadily.
Revenue totals are aggregates of all companies that filed a statement in that year, and the filer population changed substantially over 18 years, so part of the growth reflects more companies registering and filing rather than existing companies expanding.
The global gold price reference is in US dollars per troy ounce and is not converted to Thai baht or matched to local trading volume, so it is an approximate macro backdrop rather than a precise driver of the baht revenue figures cited.
TSIC codes carry no business description field in this dataset, so the activity behind each code is inferred from its largest filing company, not confirmed from an official classification label.

Methodology

Revenue growth is measured as the compound annual growth rate of aggregate reported revenue for each five digit TSIC industry code between statement year 2007 and statement year 2025, the full 18-year span carried in the DBD registry's per code, per year aggregates as of 14 August 2026. Statement years in the source system are recorded in the Buddhist calendar and were converted to the equivalent Gregorian year before comparison, so year 2550 equals 2007 and year 2568 equals 2025. The ranking is limited to codes with at least 100 million baht of revenue and at least 10 filing companies in both endpoint years, out of 903 five digit codes with data in both years, to avoid a multiple distorted by a tiny or thin starting base. CAGR is computed from the two endpoint years only, not from every year in between. Figures are aggregate totals across all filing companies in a code, not the average of individual company growth rates.

How we verified this

TSIC 47732 revenue of 54,709,584,378.02 baht in 2007 and 8,848,365,418,737.62 baht in 2025 gives a ratio of 161.7, and 161.7 to the power of 1 over 18 minus 1 equals 32.7 percent, confirming the CAGR.
TSIC 46621 revenue of 35,088,141,219.62 baht in 2007 and 3,525,379,852,542.88 baht in 2025 gives a ratio of 100.5, and 100.5 to the power of 1 over 18 minus 1 equals 29.2 percent.
TSIC 47912 revenue of 3,278,027,185.91 baht in 2007 and 327,412,132,908.81 baht in 2025 gives a ratio of 99.9, and 99.9 to the power of 1 over 18 minus 1 equals 29.1 percent.
Matched-code total revenue across the 903 codes with data in both years rose from 23,663,585,020,914.28 baht in 2007 to 67,641,462,286,139.09 baht in 2025, a ratio of 2.86, which is a CAGR of 6.0 percent, confirming the whole-economy comparison figure.
Hua Seng Heng Commoditas revenue of 5,556,701,724,240.86 baht divided by TSIC 47732's total revenue of 8,848,365,418,737.62 baht equals 62.8 percent, confirming the top filer share.
MTS Gold revenue of 3,469,115,527,551.55 baht divided by TSIC 46621's total revenue of 3,525,379,852,542.88 baht equals 98.4 percent.
TSIC 47732 filer count of 1,608 in 2007 and 8,523 in 2025 gives a ratio of 5.3, confirming the filer growth multiple cited against the 161.7 fold revenue multiple.
TSIC 47912 filer count of 197 in 2007 and 6,527 in 2025 gives a ratio of 33.1, confirming filer growth outpaced the 99.9 fold revenue multiple on a per-filer basis.
TSIC 47912 revenue per filer was 3,278,027,185.91 baht divided by 197 filers, about 16.6 million baht, in 2007 and 327,412,132,908.81 baht divided by 6,527 filers, about 50.2 million baht, in 2025, a 3.0 fold increase, confirming revenue per filer grew far less than the 33.1 fold rise in filer count.

References

Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
World Bank. (2025). Commodity Markets Outlook, October 2025. World Bank Group. https://www.worldbank.org/en/research/commodity-markets

Frequently asked questions

Which Thai industry code grew revenue fastest from 2007 to 2025?

TSIC code 47732, in the wholesale and retail trade section, compounded revenue at 32.7 percent a year for the full 18 years, rising from 54.7 billion baht to 8.85 trillion baht.

Is this ranking about motor fuel wholesalers?

No. The top three codes are all dominated by gold bullion traders. Code 47732's largest filer is Hua Seng Heng Commoditas and code 46621's largest filer is MTS Gold, together accounting for the bulk of each code's revenue.

Does the 18-year comparison differ from a 2015 to 2025 comparison?

Yes. A separate ranking over just the last decade surfaces a different leader, TSIC code 63113, tied to online retail. The 18-year lens rewards codes that compounded steadily from a smaller 2007 base, which favors the gold trading codes.

Does fast revenue growth mean these codes are highly profitable?

No. Code 47732 runs a 7.9 percent net margin, code 46621 runs close to zero, and code 47912 runs a negative 15.9 percent margin. Bullion trading passes large sums through thin margins.

Cite this page

Chatpong L. (2026). Thailand's Fastest Growing TSIC Codes, 2007-2025 (2026). Max Data Insights. https://maxdatathailand.com/insights/thailands-fastest-growing-tsic-codes-by-18-year-revenue-cagr-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.