Thailand's Industrial Landscape

Industry Weaknesses and Factory Closures

According to a report by KKP Research, the first quarter of 2024 has painted a concerning picture for Thai industries, with over 1,700 factories closing their doors, impacting employment for over 42,000 individuals. The most affected sectors include leather goods manufacturing, rubber production, agriculture, timber, and machinery manufacturing. Interestingly, while large-scale factories are experiencing a higher closure rate, smaller factories are witnessing an increase in new openings.

Factors Influencing Industry Trends Several factors are contributing to these industry challenges

1. Technological Advancements The rapid pace of technological advancements is disrupting traditional manufacturing processes, leading to obsolescence of certain products and production methods.
2. Intensified Competition from China Chinese products are exerting significant competitive pressure on Thai industries due to lower production costs and aggressive marketing strategies.
3. Rising Trade Barriers The increasing prevalence of trade barriers and protectionist measures is hindering access to global markets, making it difficult for Thai industries to compete internationally.

Opportunities Amidst Challenges

Despite the challenges, the current situation presents opportunities for companies seeking to expand their operations or acquire skilled talent. With a surplus of experienced workers available due to factory closures, companies can leverage this pool of expertise to enhance their workforce.

Your Trusted Recruitment Partner

At Criterion Asia Recruitment , we understand the complexities of the Thai industrial landscape and the challenges faced by businesses in this dynamic environment. We are committed to providing comprehensive recruitment solutions that help companies identify, attract, and retain the best talent available.

Our extensive network of qualified candidates, coupled with our expertise in industry trends and talent assessment, enables us to match your specific needs with the right individuals. We offer a streamlined recruitment process, from job postings and candidate screening to interviews and onboarding, ensuring you find the perfect fit for your team.

Ref

• KKP Research