Economy Thai Business Registrations Stall Amid US Tariff Concerns

[snoop1130]

Photo courtesy of Bangkok Post

 

As business leaders await details on potential US tariffs, Thailand's Department of Business Development (DBD) forecasts stagnation in new business registrations, predicting figures to remain around 85,000 this year and next. This sentiment stems from growing concerns over US trade policies potentially impacting exports in the latter half of the year.

 

Auramon Supthaweethum, the DBD's director-general, explained that the private sector's cautious stance has led to a "wait-and-see approach." She projected 41,000 to 42,000 new business registrations in the latter half of 2023. These numbers mirror 2022 levels, buoyed by government initiatives like the "Tiew Thai Khon La Khrueng," a co-payment tourism scheme, and low-interest loans for SMEs aimed at boosting domestic consumption and tourism.

 

Ms Auramon identified key sectors expected to grow, including hotels and resorts, real estate, transport, food product wholesaling, and the thriving restaurant industry. Despite this optimism, the shadow of potential US tariffs looms large, leaving many firms in a holding pattern until further announcements.

 

In a proactive measure, the DBD plans to enhance entrepreneurs’ skills with modern technologies and trade knowledge. This initiative advocates incorporating artificial intelligence into operations, leveraging digital marketing, and organising business matching events to unearth new market potentials.

 

The first half of 2023 saw 43,838 new business registrations, marking a 5.49% decline from last year. However, total registered capital rose by 2.8% to 149 billion baht (approximately 192 billion THB). Top sectors included construction, with 3,490 new firms, real estate at 2,870, and restaurants with 1,832 new ventures.

 

Foreign businesses under the Foreign Business Act recorded 502 new companies, collectively investing 112 billion baht (around 144 billion THB). Leading the investment charge were Japan, the US, China, Singapore, and Hong Kong. US investments focused on engineering services, automotive parts retailing, cosmetics, food supplements, machinery, marketing, consulting, and OEM products like DC cables and jewellery components.

 

As the year progresses, businesses and investors alike are keenly observing international trade dynamics. While some sectors show resilience and growth, the threat of tariffs underscores the unpredictable nature of global commerce. For Thai entrepreneurs, the path forward may be as much about navigating uncertainties as it is embracing new opportunities.

 

  Adapted by ASEAN Now from Bangkok Post 2025-07-30

 

 

[johng]

7 minutes ago, snoop1130 said:

She projected 41,000 to 42,000 new business registrations in the latter half of 2023.

I thought this year was 2025 ?

[ozz1]

Tell her she's dreaming there is no way at least she's optimistic listen to the people not fairy land forecasts meen nothing

[Celsius]

42 minutes ago, snoop1130 said:

and the thriving restaurant industry.

 

Now it's thriving again 

[Pouatchee]

1 hour ago, snoop1130 said:

orecasts stagnation in new business registrations, predicting figures to remain around 85,000 this year and next.

 

then subtract all the weed businesses taksin is going to force shut

[hotchilli]

15 hours ago, snoop1130 said:

explained that the private sector's cautious stance has led to a "wait-and-see approach.

A bit like the governments stance, do nothing about the Tariffs and wait n see if Washington back -off ?

[FlorC]

16 hours ago, johng said:

I thought this year was 2025 ?

No it's 2568. 😉