China Blanket Prices Jump 10%, Averaging $5.3 Each

China Blanket Export Price in February 2023

In February 2023, the blanket price amounted to $5.3 per unit (FOB, China), increasing by 10% against the previous month. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in September 2022 an increase of 16% month-to-month. Over the period under review, the average export prices reached the maximum at $5.5 per unit in October 2022; however, from November 2022 to February 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In February 2023, the country with the highest price was Saudi Arabia ($7.2 per unit), while the average price for exports to Japan ($2.6 per unit) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.

China Blanket Export Prices by Type

There were significant differences in the average prices for the major types of exported product. In February 2023, the product with the highest price was blankets and travelling rugs of wool ($17.7 per unit), while the average price for exports of blankets and travelling rugs; n.e.s. in heading no. 6301 ($2.3 per unit) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for the following types: blankets (other than electric blankets) and travelling rugs; of cotton (+3.4%), while the prices for the other products experienced mixed trend patterns.

China Blanket Exports

In February 2023, approximately 27M units of blankets and traveling rugs (except electric blankets) were exported from China; which is down by -54.9% against January 2023. Over the period under review, exports recorded a mild reduction. The pace of growth was the most pronounced in May 2022 with an increase of 39% against the previous month. Over the period under review, the exports attained the peak figure at 102M units in July 2022; however, from August 2022 to February 2023, the exports remained at a lower figure.

In value terms, blanket exports declined rapidly to $142M (IndexBox estimates) in February 2023. In general, exports continue to indicate a mild decline. The pace of growth appeared the most rapid in May 2022 when exports increased by 44% m-o-m. The exports peaked at 455M units in July 2022; however, from August 2022 to February 2023, the exports stood at a somewhat lower figure.

China Blanket Exports by Type

Blankets and travelling rugs of synthetic fibres (24M units) was the largest type of blanket exported from China, accounting for a 91% share of total exports. Moreover, blankets and travelling rugs of synthetic fibres exceeded the volume of the second product type, blankets (other than electric blankets) and travelling rugs; of cotton (1.3M units), more than tenfold. Blankets and travelling rugs; n.e.s. in heading no. 6301 (873K units) ranked third in terms of total exports with a 3.3% share.

From February 2022 to February 2023, the average monthly rate of growth in terms of the volume of export of blankets and travelling rugs of synthetic fibres stood at -1.8%. With regard to the other exported products, the following average monthly rates of growth were recorded: blankets (other than electric blankets) and travelling rugs; of cotton (-6.1% per month) and blankets and travelling rugs; n.e.s. in heading no. 6301 (+9.7% per month).

In value terms, blankets and travelling rugs of synthetic fibres ($127M) remains the largest type of blanket exported from China, comprising 89% of total exports. The second position in the ranking was held by blankets (other than electric blankets) and travelling rugs; of cotton ($9.4M), with a 6.6% share of total exports. It was followed by blankets and travelling rugs of wool, with a 2.5% share.

From February 2022 to February 2023, the average monthly rate of growth in terms of the export volume of blankets and travelling rugs of synthetic fibres was relatively modest. With regard to the other exported products, the following average monthly rates of growth were recorded: blankets (other than electric blankets) and travelling rugs; of cotton (-2.9% per month) and blankets and travelling rugs of wool (+2.0% per month).

China Blanket Exports by Country

The United States (6.2M units) was the main destination for blanket exports from China, with a 23% share of total exports. Moreover, blanket exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (1.8M units), threefold. The third position in this ranking was taken by Japan (1.3M units), with a 4.8% share.

From February 2022 to February 2023, the average monthly growth rate of volume to the United States stood at -6.7%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the United Arab Emirates (+4.2% per month) and Japan (+6.7% per month).

In value terms, the United States ($34M) remains the key foreign market for blanket exports from China, comprising 24% of total exports. The second position in the ranking was held by the United Arab Emirates ($11M), with a 7.5% share of total exports. It was followed by Saudi Arabia, with a 5.5% share.

From February 2022 to February 2023, the average monthly rate of growth in terms of value to the United States amounted to -5.3%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the United Arab Emirates (+2.3% per month) and Saudi Arabia (+6.7% per month).

China Blanket Price Increases 10%

The average cost of blankets in China has increased by 10%, averaging $5.3 per unit. Reports suggest that the significant price increase is a result of economic factors such as raw material costs, labor costs, as well as market forces. The jump in cost reflects the difficult economic climate in China caused by current world market conditions. Consumers in China are likely to find it difficult to afford higher blanket prices, as the rising prices will likely be passed on to them. In response to the hike in blanket prices, it is expected that consumers in the Chinese market will be forced to adjust their spending habits in order to purchase desired goods.

Source: IndexBox Market Intelligence Platform