China's exports of electric blankets to Europe surge as household utility bills...

China's exports of electric blankets to Europe surge as household utility bills hike

China's exports of electric blankets to Europe surge as household utility bills hike

2 hours ago

As a result of the energy crisis and inflation, consumers in Europe are increasingly purchasing electric blankets in order to get through the upcoming winter.

China's electric blanket shipments to Europe exceeded $33.4 million from January through July, according to customs data supplied by the China Household Electrical Appliances Association, nearly doubling year-over-year.

European residents are being hit by soaring utility bills due to rising gas prices and supply constraints triggered by the Russia-Ukraine war.

Electric blankets generate heat by running electricity through wires in the fabric. Typically, running an electric blanket overnight will be significantly cheaper than having the central heating on all night. 

Citing UK retailer  John Lewis Partnership Plc, Bloomberg reported that sales of electric blankets are up 67% from a year earlier, and online searches for the products have climbed almost 470%. In the meantime, the blankets rank among Amazon’s best-selling home and kitchen products in the UK.

Shenzhen-based UTK Technology, a producer and seller of electric blankets on the e-commerce website Alibaba, told Bloomberg that it has seen a fivefold increase in daily inquiries from European buyers. Most people request urgent shipping, Crane Jin, UTK’s general manager, said.

The demand has boosted the stock price of Chengdu Rainbow Appliance Group, a Sichuan-based electric blankets manufacturer. 

In an exchange filing on Friday, the company said that while it had received overseas export interest, the small amounts involved and its domestic operations meant the trend would not have a significant impact on revenue levels. That didn't deter investors: The stock rose by its daily limit of 10% on Monday, closing at its highest price since April 2021.

Export of China's heating devices to Europe increased 14.35% to $497.53 billion from January to August this year, Global Times reported, quoting data from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

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