马来西亚10年期国债 (Malaysia10Y) 加自选

2025年4月，马来西亚的零售额同比增长4.7%，低于上个月的6.6%。这是自2024年1月以来的最低水平，因为几个类别的销售额有所放缓：食品、饮料和烟草（7.8%对3月份的8.1%）、汽车燃料（5.6%对7.9%）、文化和娱乐用品（3.1%对3.7%）、其他家用设备（3.6%对5.8%）、通过摊位和市场的销售额（8.3%对10%）、非商店、摊位或市场的贸易（6.5%对9%）以及其他商品（4.5%对7.3%）。相反，信息和通信设备的销售加速（5.5%对5%）。按月度计算，2025年4月零售额下降了0.3%，扭转了上个月2.9%的增长。与此同时，批发贸易增长从2025年3月的5.7%放缓至4月的4.7%，而汽车贸易从上个月的2.3%小幅降至2.1%。

Retail sales in Malaysia increased by 4.7% year-on-year in April 2025, easing from 6.6% in the previous month. This marked the lowest reading since January 2024, as sales moderated in several categories: food, beverages, and tobacco (7.8% vs 8.1% in March), automotive fuel (5.6% vs 7.9%), cultural and recreation goods (3.1% vs 3.7%), other household equipment (3.6% vs 5.8%), sales via stalls and markets (8.3% vs 10%), trade not in stores, stalls, or markets (6.5% vs 9%), and other goods (4.5% vs 7.3%). Conversely, sales of information and communication equipment accelerated (5.5% vs 5%). On a monthly basis, retail sales fell by 0.3% in April 2025, reversing a 2.9% gain in the previous month. Meanwhile, wholesale trade growth slowed to 4.7% in April from 5.7% in March 2025, while vehicle trade edged down to 2.1% from 2.3% in the previous month.

2025年4月，马来西亚的工业生产同比增长2.7%，低于上个月3.2%的三个月高点。经济放缓主要是由于采矿和采石活动的收缩（-6.3%对3月份的1.9%），部分被制造业的强劲增长（5.6%对4.0%）和电力产量的小幅下降（-1.6%对-2.7%）所抵消。制造业的加速主要是由于食品、饮料和烟草（11.6%对7.7%）、电气和电子（9.9%对8.1%）以及非金属矿物、基本金属和金属制品（5.1%对4.3%）的产量增加。经季节性调整的月度数据显示，2025年4月工业生产下降0.2%，扭转了3月1.7%的增长。

Industrial production in Malaysia expanded by 2.7% year-on-year in April 2025, easing from a three-month high of 3.2% in the previous month. The slowdown was mainly due to a contraction in mining and quarrying activities (-6.3% vs 1.9% in March), partially offset by stronger growth in manufacturing (5.6% vs. 4.0%) and a smaller decline in electricity output (-1.6% vs -2.7%). The acceleration in manufacturing was primarily driven by higher output in food, beverages & tobacco (11.6% vs 7.7%), electrical & electronics (9.9% vs 8.1%), and non-metallic mineral, basic metal & fabricated metal products (5.1% vs 4.3%). On a seasonally adjusted monthly basis, industrial production fell by 0.2% in April 2025, reversing a 1.7% increase in March.

马来西亚的失业率从去年同期的3.3%降至2025年4月的3.0%，为2015年4月以来的最低水平。失业人数同比下降5.5%，至52.59万人，为五年多来的最低点，而就业人数增长2.8%，达到创纪录的1682万人。劳动力参与率从去年同期的70.6%上升到70.8%的新高。

The unemployment rate in Malaysia dropped to 3.0% in April 2025 from 3.3% in the same month of the previous year, marking the lowest level since April 2015. The number of unemployed persons shrank 5.5% year-on-year to a more than five-year low of 525.9 thousand, while employment increased by 2.8% to a record high of 16.82 million. The labor force participation rate increased to a fresh peak of 70.8% from 70.6% in the corresponding month a year earlier.

标准普尔全球马来西亚制造业采购经理人指数从4月份的四个月低点48.6微升至2025年5月的48.8，尽管该指数连续第12个月低于50，表明工厂活动持续收缩。生产和新订单均以三个月来最慢的速度下降，而新出口订单连续第六个月下降，但降幅为2月以来的最低水平。就业人数没有变化，结束了连续七个月的裁员。随着公司处理未完成的订单，积压订单略有缓解，采购活动有所减少，尽管速度是三个月来最慢的。由于投入需求疲软，供应商绩效自2024年4月以来首次改善。在价格方面，由于美国征收新的关税推高了成本，投入成本通胀创下六个月新高。最后，由于企业对美国贸易政策和持续的劳动力短缺表示担忧，商业信心减弱，达到2021年6月以来的最低水平。

The S&P Global Malaysia Manufacturing PMI rose slightly to 48.8 in May 2025 from April’s four-month low of 48.6, though it remained below the 50-mark for the 12th consecutive month, signaling continued contraction in factory activity. Both production and new orders fell at the slowest pace in three months, while new export orders declined for the sixth straight month but at the softest rate since February. Employment was unchanged, ending a seven-month run of job cuts. Backlogs eased slightly as firms worked through outstanding orders, and purchasing activity was reduced, though at the slowest pace in three months. Supplier performance improved for the first time since April 2024 amid muted input demand. On prices, input cost inflation hit a six-month high, due to the imposition of new US tariffs that pushed up costs. Finally, business confidence softened, reaching its lowest level since June 2021, as firms expressed concern over US trade policies and ongoing labor shortages.