Almost 2,000 businesses forced to close in July
Many Thai businesses are struggling to continue operations, with almost 1,867 businesses shutting up shop in July, an 18.70% increase compared to the same period last year, but in line with the trends in business closures over the past 5 years.
It is, however, the highest number for the first 7 months for the past 10 years.
News sources at the Commerce Ministry reported that some of these business closures might be due to adjustments made by businesses to align with changing market conditions and consumer behaviours. The closure trend has been observed across various sectors, with
general construction witnessing 175 closures (9%), the real estate sector 103 closures (6%), and hospitality/restaurants 43 closures (2%).
The ministry also categorised closures based on capital ranges. Businesses with a capital of less than 1 million baht accounted for 1,342 closures (71.88%), those with capital between 1 and 5 million baht saw 455 closures (24.37%), those with between 5 and 100 million baht accounted for 63 closures (3.37%), and those with capital exceeding 100 million baht saw 7 closures (0.37%).
