In 2024, 561 factories in Thailand, mainly in the steel and metal industries, shut down due to high production costs. These closures caused 15,342 job losses by May, averaging about 3,000 jobs per month. The Federation of Thai Industries is urging government support to prevent further closures.
A significant rise in factory closures has emerged in Thailand, with 561 factories ceasing operations in 2024.
The closures have predominantly impacted the steel and metal industries.
The Federation of Thai Industries (FTI) attributes the trend to high production costs, including energy, transportation, and interest rates, and warns that further closures might occur if these costs persist.
The FTI is calling for urgent government intervention to aid affected businesses.
According to the Department of Industrial Works, the closures spanned from January to May, leading to 15,342 job losses, roughly 3,000 jobs per month.