智利10年期国债 (Chile10Y) 加自选

智利的年通货膨胀率从3月份的4.9%降至2025年4月的4.5%，标志着通货膨胀率连续第16个月高于智利央行2%-4%的目标。下降的原因是13个子行业中有9个子行业的价格减速。食品和非酒精饮料（4.4%对3月份的5.1%）、娱乐和文化（2.2%对2.4%）、住房和公用事业（10.6%对11%）、餐馆和酒店（6.7%对6.8%）以及交通（0.4%对1.6%）的通货膨胀率下降。按月计算，3月份消费者价格指数上涨0.2%，低于上月0.5%的涨幅，符合市场预测。

Chile’s annual inflation rate slowed to 4.5% in April 2025 from 4.9% in March, marking the 16th consecutive month that inflation remained above the Chilean central bank’s 2% - 4% target. The decline was driven by a deceleration of prices in 9 of the 13 subsectors. Inflation fell for food and non-alcoholic beverages (4.4% vs. 5.1% in March), recreation and culture, (2.2% vs. 2.4%), housing and utilities (10.6% vs. 11%), restaurants and hotels (6.7% vs. 6.8%), and transportation (0.4% vs. 1.6%). On a monthly basis, consumer prices increased by 0.2% in March, slowing from the 0.5% increase recorded in the previous month and in line with market forecasts.

智利的贸易顺差从2024年同月的19.21亿美元增至2025年4月的19.23亿美元，超过了市场预期的17.45亿美元。出口同比增长5.7%，达到89.56亿美元，主要原因是采矿业增长6.6%，主要是黄金出口激增81.3%，工业部门扩张8.6%，其中食品增长14.2%。相比之下，农产品出口下降了11.3%，主要是由于渔业（-49.3%）和林业（-1.3%）的下降。与此同时，进口增长7.3%，达到70.33亿美元，这得益于资本货物购买量增长11.8%。中间产品（6.5%）和消费品（5.7%）的进口也有所增长。

Chile's trade surplus rose to $1,923 million in April 2025 from $1,921 million in the same month of 2024, surpassing market expectations of $1,745 million. Exports grew by 5.7% year-on-year to $8,956 million, driven by a 6.6% increase in the mining sector, mainly due to an 81.3% surge in gold exports, and an 8.6% expansion in the industrial sector, led by a 14.2% rise in food goods. In contrast, agricultural exports declined by 11.3%, largely due to decreases in fishing (-49.3%) and forestry (-1.3%). Meanwhile, imports rose by 7.3% to $7,033 million, fueled by an 11.8% increase in purchases of capital goods. Growth was also recorded in imports of intermediate goods (6.5%) and consumer goods (5.7%).

智利Imacec经济活动指数在上个月收缩0.1%后，于2025年3月同比增长3.8%，高于市场预期的2.7%的增长。该月比2024年3月多了一个工作日。Imacec的结果可以用其所有成分的生长来解释。采矿业反弹，增长4.3%，而其他行业的增长，如制造业（6.1%）、贸易（8.9%）和服务业（2.7%），也有助于复苏。经季节性调整的月度数据显示，智利经济活动增长了0.8%，过去12个月增长了2.9%。

Chile’s Imacec economic activity index expanded 3.8% year-on-year in March 2025, above market estimates for a 2.7% increase, after a 0.1% contraction in the previous month. The month recorded one more business day than March 2024. The Imacec result was explained by growth in all its components. Mining rebounded, with an increase (4.3%), while growth in other sectors, such as manufacturing (6.1%), trade (8.9%) and services (2.7%), helped the recovery. On a seasonally adjusted monthly basis, Chilean economic activity increased by 0.8%, and grew 2.9% over the last twelve months.

2025年3月，智利工业生产同比增长4.5%，从前一个月3.6%的下降中反弹。采矿业强劲反弹（5.4%对-6.6%）推动了复苏，铜产量显著飙升（9.1%对-5.4%）也为复苏提供了支撑。制造业也实现了稳健增长（5.4%对-1.3%），而公用事业生产的下降有所放缓（-0.5%对-3.2%）。经季节性调整后，工业产出在2月份下降0.6%后，每月增长1.3%。

Industrial production in Chile rose by 4.5% year-on-year in March 2025, rebounding from a 3.6% decline in the previous month. The recovery was driven by a strong rebound in the mining sector (5.4% vs -6.6%), supported by a notable surge in copper output (9.1% vs -5.4%). Manufacturing also posted solid growth (5.4% vs -1.3%), while the decline in utilities production moderated (-0.5% vs -3.2%). On a seasonally adjusted monthly basis, industrial output increased by 1.3%, following a 0.6% drop in February.