New factory openings offset closures in Thailand

In the first seven months of 2024, 667 factories ceased operations, while 1,260 new factories began operations. — Reuters

BANGKOK: The Thai industrial sector has demonstrated resilience over the past five years, with new factory openings outpacing closures, according to data released by the Department of Industrial Works.

Julapong Taweesri, the department’s director-general, revealed on Monday that an average of 1,254 factories have closed annually over the past five years.