Thailand’s business sector saw significant growth in July 2024, with a 14% increase in new business registrations compared to the same period in 2023. This marks a continuing trend of expansion, fueled by government economic stimulus measures and improvements in tourism. A total of 7,837 new businesses were established in July 2024, with registered capital reaching 237.04 billion baht, a 42% increase from the previous year.
The top three business categories with the highest number of new registrations were general construction, real estate, and restaurants/food shops. This trend aligns with the overall seven-month period data, where a total of 54,212 new businesses were registered, representing a 0.16% increase compared to the same period in 2023. Interestingly, while new business registrations are on the rise, there was a slight decrease (11%) in the number of businesses that ceased operations in the first seven months of 2024 compared to the previous year. This trend is attributed to a shift in the business registration landscape over the past decade, moving away from retail, wholesaling, and manufacturing towards service-oriented businesses.
These service businesses now represent over half of newly registered businesses, with a strong concentration in real estate, restaurants, shipping, and logistics. Furthermore, the number of foreign investment entities receiving permission to operate businesses in Thailand also experienced a significant surge, increasing by 22% to reach 460 in the first seven months of 2024. This contributed to a 54% increase in total investments from foreign entities compared to the same period in 2023. Japan, Singapore, the United States, China, and Hong Kong were the top five origins of these investors.
