From 2013 to 2019, Thailand saw steady growth in the share of travel services in commercial service imports, peaking at 22.65% in 2017. However, the impact of COVID-19 led to a significant drop in 2020 (9.72%) and 2021 (6%). Although there has been some recovery, with 2023 standing at 10.68%, forecasted data indicates a continued decline, reaching 9.67% by 2028. The year-on-year variations show a 4.32% dip from 2022 to 2023, and a projected average annual decline (CAGR) of -1.58% from 2024 to 2028.
Future trends to watch for include:
- The global economic recovery post-pandemic and how it influences international travel demand.
- Policy changes and their impact on tourism and travel-related services.
- The development and adoption of technology in the travel industry, potentially altering how services are imported and consumed.
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