马来西亚10年期国债 (Malaysia10Y) 加自选

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.

马来西亚的生产者价格在上个月下降1.9%后，于2025年4月同比下降3.4%，这是连续第二个月下降。最新数据也标志着自2023年6月以来的最大跌幅，主要受采矿业的拖累，采矿业暴跌17.8%（3月份为-15.0%），原油（-19.8%）和天然气减少11.6%。由于焦炭和精炼石油产品产量下降（-15.7%），制造业也出现了下降，在3月份下降1.8%后萎缩2.6%。此外，继3月份下降0.5%之后，电力和天然气供应下降了0.6%。此外，农业、林业和渔业的增长大幅放缓（2.6%对9%），主要得益于多年生作物子行业的增长。与此同时，供水增长略有加快（0.9%对0.7%）。在3月份下降0.6%之后，生产者价格指数环比下降1.0%。

Producer prices in Malaysia shrank by 3.4% yoy in April 2025, after a 1.9% fall in the previous month and marking the second consecutive month of decline. The latest reading also marked the steepest drop since June 2023, primarily weighed down by the mining sector, which saw a 17.8% plunge (vs -15.0% in March), with reductions in crude petroleum (-19.8%) and natural gas-11.6%). Manufacturing also experienced a decline, shrinking 2.6% after a 1.8% fall in March, due to decreases in the production of coke and refined petroleum products (-15.7%). Also, electricity and gas supply fell by 0.6%, following a 0.5% drop in March. Additionally, growth in agriculture, forestry, and fishing slowed sharply (2.6% vs 9%), supported mainly by the growing of perennial crops sub-sector. Meanwhile, water supply growth accelerated slightly (0.9% vs 0.7%). On a monthly basis, producer prices decreased 1.0%, following a 0.6% drop in March.