Thailand's Sector Revenue Share Shift, 2007 to 2025
In short
Wholesale and retail trade's share of Thailand's total corporate revenue climbed from 30.08 percent in 2007 to 49.36 percent in 2025. Manufacturing moved the other way, falling from 47.74 percent to 31.15 percent over the same eighteen years. Total corporate revenue itself grew 2.85 times in that span, from 23.79 trillion baht to 67.87 trillion baht. Wholesale and retail's own revenue grew 4.68 times, manufacturing's grew only 1.86 times, so one sector pulled far ahead of the economy while the other fell behind it. Two sectors alone now hold more than four fifths of all reported corporate revenue.
Which sector gained the most share of Thailand's corporate revenue
Wholesale and retail trade's share of Thailand's total reported corporate revenue climbed from 30.08 percent in fiscal year 2550 to 49.36 percent in fiscal year 2568, a gain of 19.28 percentage points, according to DBD registry data as of 14 August 2026. Manufacturing moved the opposite direction. Its share fell from 47.74 percent to 31.15 percent, a loss of 16.58 percentage points, the steepest drop of any of the eighteen active TSIC sections. No other section moved by more than 1.5 percentage points in either direction over the eighteen years. Financial and insurance slipped from 5.43 percent to 3.98 percent. Construction gave up 0.62 points and real estate gave up 0.55 points. Nine of the remaining sixteen sections gained a sliver of share, but those nine gains add up to only 1.17 percentage points combined, a small fraction of what wholesale and retail picked up on its own. Eighteen years of Thai corporate revenue is, in effect, a two sector story. What manufacturing lost, trade absorbed.
Change in revenue share by industry section, 2007 to 2025
- Wholesale and retail trade19
- Accommodation and food service0
- Human health and social work0
- Administrative and support0
- Agriculture, forestry and fishing0
- Electricity and gas0
- Water and waste0
- Arts and entertainment0
- Other services0
- Education0
- Mining and quarrying-0
- Transportation and storage-0
- Professional, scientific and technical-0
- Information and communication-0
- Real estate-1
- Construction-1
- Financial and insurance-1
- Manufacturing-17
Figures in percentage points.
Wholesale and retail's gain and manufacturing's loss dwarf every other movement on the board.
Revenue share by industry section, 2007 versus 2025
| Industry section | 2007 revenue, billion baht | 2007 share | 2025 revenue, billion baht | 2025 share | Change in points |
|---|---|---|---|---|---|
| Wholesale and retail trade | 7,155 | 30.08% | 33,500 | 49.36% | +19.28 |
| Manufacturing | 11,354 | 47.74% | 21,143 | 31.15% | -16.58 |
| Financial and insurance | 1,291 | 5.43% | 2,700 | 3.98% | -1.45 |
| Construction | 769 | 3.23% | 1,773 | 2.61% | -0.62 |
| Transportation and storage | 693 | 2.91% | 1,773 | 2.61% | -0.30 |
| Real estate | 511 | 2.15% | 1,088 | 1.60% | -0.55 |
| Administrative and support | 298 | 1.25% | 955 | 1.41% | +0.16 |
| Information and communication | 433 | 1.82% | 950 | 1.40% | -0.42 |
| Professional, scientific and technical | 392 | 1.65% | 891 | 1.31% | -0.34 |
| Accommodation and food service | 214 | 0.90% | 810 | 1.19% | +0.30 |
| Electricity and gas | 211 | 0.89% | 667 | 0.98% | +0.09 |
| Human health and social work | 96 | 0.40% | 475 | 0.70% | +0.30 |
| Mining and quarrying | 190 | 0.80% | 420 | 0.62% | -0.18 |
| Agriculture, forestry and fishing | 98 | 0.41% | 367 | 0.54% | +0.13 |
| Arts and entertainment | 29 | 0.12% | 118 | 0.17% | +0.05 |
| Water and waste | 23 | 0.10% | 117 | 0.17% | +0.08 |
| Other services | 16 | 0.07% | 67 | 0.10% | +0.03 |
| Education | 13 | 0.05% | 54 | 0.08% | +0.03 |
Total reported revenue and share of Thailand's classified corporate revenue in fiscal year 2550 and fiscal year 2568, as of 14 Aug 2026.
Why the swing happened, and why it matters
Every section's share depends on one thing, whether it grew faster or slower than the whole corporate economy, which expanded 2.85 times between 2007 and 2025. Wholesale and retail expanded 4.68 times, so its slice of the pie had to grow. Manufacturing expanded only 1.86 times, so its slice had to shrink even though its revenue in baht terms still rose. Look inside wholesale and retail and the growth splits two ways. The number of companies filing a statement in that section roughly doubled, up 2.14 times, and average revenue per filer more than doubled too, up 2.19 times, from about 65 million baht to about 142 million baht. Both more traders and bigger traders drove the surge. Manufacturing's filer count rose a more modest 1.58 times, but average revenue per filer inched up only 1.18 times, nowhere near enough to keep pace. This lines up with a broader national pattern. Thailand's National Economic and Social Development Council reports manufacturing's share of GDP falling from a peak of 30.93 percent in 2010 to 24.32 percent in 2024, and wholesale and retail overtaking it as the second largest contributor to output (NESDC, 2025). A companion Max Data page already showed that wholesale and retail's share of the company register itself barely moved, in fact its share of filing companies actually slipped a touch, from 34.93 percent to 32.97 percent, while manufacturing's filer share fell hard, from 16.56 percent to 11.55 percent. Put the two pages together and the real story appears. Trading companies did not multiply faster than the rest of the register. They got vastly bigger, and that size, not headcount, is what rewired Thailand's revenue map.
Definitions
- Revenue share
- One industry section's total reported revenue for a fiscal year, divided by the total reported revenue of all classified sections that year.
- Percentage point
- The plain difference between two percentages. A move from 47.74 percent to 31.15 percent is a change of 16.58 percentage points, not a 16.58 percent change.
- TSIC section
- One of the eighteen active lettered categories in the Thailand Standard Industrial Classification, the same letter scheme used in the international ISIC system, for example G for wholesale and retail trade or C for manufacturing.
- Fiscal year 2550 and 2568
- Thai statement years are recorded in the Buddhist calendar. Fiscal year 2550 corresponds to 2007 in the Gregorian calendar and fiscal year 2568 corresponds to 2025.
- Nominal baht
- Revenue measured in the baht values reported for each year, without adjusting for inflation between 2007 and 2025.
Assumptions
- Figures are in nominal baht and are not adjusted for inflation across the eighteen year span.
- Revenue share is based on companies that filed a financial statement for that fiscal year, not the full stock of registered companies, since only filers carry usable revenue.
- A small share of filed revenue carries no TSIC section classification and is excluded from both totals, about 0.86 percent in 2007 and about 0.12 percent in 2025.
- The 2007 and 2025 fiscal years are treated as comparable endpoints. The path between them was not necessarily a straight line, since sections likely gained and lost share unevenly across the eighteen years.
Methodology
Revenue share is each industry section's share of total reported revenue among Thai companies with a filed financial statement for a given fiscal year, drawn from the DBD registry and rolled up from five digit TSIC codes to the eighteen active ISIC letter sections, as of 14 August 2026. The 2007 comparison uses Thai fiscal year 2550 and the 2025 comparison uses fiscal year 2568, both closed years with a full twelve months of filings. Fiscal year 2569 is excluded because it is still incomplete. A small share of reported revenue carries no section classification and is excluded from both totals, about 0.86 percent in 2007 and about 0.12 percent in 2025, so the shares in the table sum close to but not exactly 100 percent. Shares are computed once from raw section revenue totals rather than averaged from company level margins.
How we verified this
- Summed total_revenue across all 18 classified TSIC sections for fiscal year 2550 to get 23.785 trillion baht, then divided wholesale and retail's 7.1545 trillion baht by that total to confirm a 30.08 percent share.
- Summed total_revenue across all 18 classified TSIC sections for fiscal year 2568 to get 67.868 trillion baht, then divided wholesale and retail's 33.5001 trillion baht by that total to confirm a 49.36 percent share, a gain of 19.28 percentage points over 2007.
- Divided manufacturing's 11.3542 trillion baht by the 2007 total and its 21.1429 trillion baht by the 2025 total to confirm shares of 47.74 percent and 31.15 percent, a loss of 16.58 percentage points.
- Confirmed the 18 section shares sum to 100.0 percent in both years within rounding, then divided each section's 2025 revenue by its 2007 revenue to confirm wholesale and retail grew 4.68 times, manufacturing grew 1.86 times, and the sum of all 18 sections grew 2.85 times.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by industry and year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2025). Thai economic performance in the third quarter of 2025 and the outlook for 2025 to 2026. NESDC. https://www.nesdc.go.th/wordpress/wp-content/uploads/2025/11/05-PRESSENG-Q3-2568-Final-1.pdf
Frequently asked questions
Which Thai industry gained the most share of corporate revenue between 2007 and 2025?
Wholesale and retail trade, whose share of total reported corporate revenue rose from 30.08 percent in 2007 to 49.36 percent in 2025, a gain of 19.28 percentage points.
Which industry lost the most share of corporate revenue over that period?
Manufacturing, whose share fell from 47.74 percent in 2007 to 31.15 percent in 2025, a loss of 16.58 percentage points, the largest drop of any of the eighteen TSIC sections.
Did manufacturing's revenue actually shrink?
No. Manufacturing's reported revenue still grew, from 11.35 trillion baht to 21.14 trillion baht, a rise of 1.86 times. It just grew far slower than the 2.85 times growth of the whole corporate economy, so its share of the total fell.
How does this compare with wholesale and retail's share of the company register?
Differently. By company count, wholesale and retail's share of filers slipped slightly, from 34.93 percent in 2007 to 32.97 percent in 2025. Its revenue share nearly doubled over the same period, which means the average trading company got much bigger rather than the sector simply adding more firms.
Cite this page
Chatpong L. (2026). Thailand's Sector Revenue Share Shift, 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thailands-sector-revenue-share-shift-2007-2025
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.