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Ocean glass looks to other currencies

Increased volatility in the US dollar has prompted Ocean Glass, a glassware exporter, to turn to other currencies that are more stable to avoid potential foreign-exchange losses.

Published on March 22, 2008

"The change in trading currencies will be gradual as other exporting countries in Asia such as China and Vietnam have been using the US dollar for a long time," managing director Kirati Assakul said yesterday.

The company has held talks with some foreign buyers to switch from the greenback to the Australian dollar or the yen.

Half of the company's overseas sales are transacted in dollars. Of the other half, 12 per cent is in euros and 38 per cent in baht.

Sales are projected to grow by 10 per cent from last year's Bt1.66 billion. Shipments abroad accounted for 70 per cent of sales.

The company has invested Bt990 million in plant and machinery, with the new facilities starting operations next year.

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Ocean glass looks to other currencies

Increased volatility in the US dollar has prompted Ocean Glass, a glassware exporter, to turn to other currencies that are more stable to avoid potential foreign-exchange losses.

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