23-6-2023 (BANGKOK) The tourism industry in Thailand has experienced significant growth in the first five months of this year, with businesses such as foreign currency exchanges, travel agencies, tour guides, restaurants, hotels, resorts, and condo companies flourishing.
Recent data from the Business Development Department of the Commerce Ministry reveals that the proportion of newly established businesses related to tourism accounted for 8.10% of the total, marking a remarkable increase of 96.6% during the specified period.
Foreign currency exchange businesses witnessed an impressive growth of 389%, followed by travel agencies with a 281% increase. Tour guide firms experienced a 225% surge, while restaurants saw a notable jump of 67.2%. The hotel, resort, and condo sector also displayed positive growth, with a 49.1% increase.
Thosapone Dansuputra, the director-general of the department, attributed this growth to the continuous influx of foreign tourists and the overall recovery of the Thai economy, evident in the rising consumer confidence index. He further stated that the department anticipates the registration of 42,000-45,000 new businesses in the first half of 2023, with a projected total of 75,000-78,000 new entities for the entire year.
During the first five months, there were 39,660 newly established businesses, representing a 17.9% year-on-year increase, the highest in a decade. The registered capital for these businesses amounted to 389 billion baht, marking a substantial 50% increase compared to the previous year.
The top three categories for new businesses during this period were general construction, real estate, and restaurants, accounting for 7.57%, 7.33%, and 4.69%, respectively, according to the department’s data.
In May, there was a notable surge in new business registrations, reaching the highest level in the past decade, with a total of 7,437 newly established companies, marking a 26% year-on-year increase. The combined registered capital for the month amounted to 28.4 billion baht, demonstrating a substantial 97.9% growth compared to May of the previous year.
Regarding business types, the top three categories of new businesses in May were real estate, general construction, and restaurants, accounting for 7.50%, 6.46%, and 4.96%, respectively.
During the same period, 5,438 companies ceased operations, with a combined registered capital of 43.3 billion baht, marking a decrease of 19%. In May, the number of businesses that ceased operations totaled 1,234, representing a 12% year-on-year increase, with the total registered capital of these discontinued businesses amounting to 8.23 billion baht, a significant increase of 119%.
As of May 31, Thailand had a total of 876,953 operating companies with a combined capital value of 21.3 trillion baht, as per the department’s figures.
