Nearly 2,000 Thai businesses forced to close in July

August 22, 2023 | 16:29

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Many Thai businesses are struggling to continue operations, with 1,867 enterprises shutting up shop in July, The Nation newspaper reported.

Nearly 2,000 Thai businesses forced to close in July | ASEAN | Vietnam+ (VietnamPlus)

Nearly 2,000 Thai businesses forced to close in July, Illustrative image (Photo source: The Nation)

Bangkok - Many Thai businesses are struggling to continue operations, with 1,867 enterprises shutting up shop in July, The Nation newspaper reported.

The figure represents an 18.70 per cent increase compared to the same period last year, but in line with the trends in business closures over the past five years, it said.

Sources at the Ministry of Commerce said some of the businesses closed due to their adjustments to align with changing market conditions and consumer behaviour. The closure trends have been observed across various sectors, with general construction recording 175 closures (9 per cent), real estate 103 (6 per cent) and hotels/restaurants 43 (2 per cent).

The ministry also categorised closures based on capital ranges. Businesses with a capital of less than 1 million baht (23,368 USD) accounted for 1,342 closures (71.88 per cent). Those with capital between 1 and 5 million baht saw 455 closures (24.37 per cent), those with between 5 and 100 million baht accounted for 63 closures (3.37 per cent), and those with capital exceeding 100 million baht saw 7 closures (0.37 per cent).

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