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Thailand

Thailand: Tourism - Oct 2022 foreign arrivals equaled 48% of Oct 2019 number

  • Foreign arrivals to Thailand grew 13% MoM in Oct 2022

  • APEC Summit expected to have boosted tourism

  • Our recommendations

Bualuang Securities
25 November 2022

The Ministry of Tourism & Sports reported Oct 2022 foreign arrivals of 1.45m persons, up 13% MoM. The number for 10M22 was 7.16m. We expect numbers to accelerate in Nov-Dec, making for 10.5m visitors in 2022. Our top-three picks are AOT, AWC, and ERW.

Foreign arrivals to Thailand grew 13% MoM in Oct 2022

The Ministry of Tourism & Sports reported 1.45m foreign arrivals to Thailand in Oct 2022, up 13% MoM (1.31m persons in Sep 2022). Oct 2022 arrivals equaled 48% of the Oct 2019 (pre-COVID era) number. 10M22, foreign arrivals totaled 7.16m persons, equal to only 22% of the 10M19 number. The top-five origination countries to Thailand in 10M22 came from Asia—Malaysia, India, Singapore, Laos, and Vietnam.