Stock Exchange of Thailand reports tourism sector excelled in 2024

In its annual report released on Thursday, 13th March, the Stock Exchange of Thailand reported that the surging tourism sector drove listed companies to record growth throughout 2024.

Exceptional growth in tourism resulted in positive growth in the service and consumer goods sectors, even as the financial sector reaped the benefits of higher interest rates.

According to SET president Asadej Kongsiri, 74.8 percent of the companies listed on the exchange reported record net profits in the past year.

Kongsiri said: “The upward trajectory of Thailand’s tourism spurred growth of listed companies across tourism-related, consumption, and service industries, including food and beverage, consumer products, retail, aviation, hospitality, healthcare, telecommunications, and commercial property rental.”

Poised for further growth

In December 2024, Thai minister of tourism and sports Sorawong Thienthong announced that the Tourism Authority of Thailand (TAT) seeks to attract 40 million foreign travellers to the country this year.

This, in turn, is expected to translate into THB 2.3 billion in total tourism revenues, thus again benefitting related industries.

The minister admitted that this projection remains lower than the THB 3 billion last seen in 2019 prior to the pandemic.

Thienthong cited economic challenges which adversely affected projections, as well as the rise of other tourism destinations within the Asia Pacific which have made the field more competitive.