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This research paper applied the method of Ang (2004), and Ang and Liu (2001) to decompose the sources of changing in foreign tourism revenues in Thailand during 2014 to 2018. The changing in tourism revenues can be caused by 3 sources; changing in tourists, changing in per trip expenditure, and changing in tourist structure. The results show that the increasing in foreign tourism revenues in this period majorly contributed by the increasing of the number of low expenditure foreign tourists. The changing of expenditure per trip indicates a slice contribution on the increasing in tourism revenues. Then, the policy recommendations are (1) a specific policy to prevent the sudden stop of foreign tourist flows, (2) the marketing policies to stimulate the tourist’s expenditure, and (3) the enhancing policy to increase the per trip expenditure of foreign tourists in order to enhance the sustainable development in Thai tourism.
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