荷兰10年期国债 (Netherlands10Y) 加自选

荷兰的消费者信心指数从上个月的-36上升到2025年7月的-32。这是自2月以来的最高读数，因为所有分项指数都有所改善。消费者对整体经济环境的评价上升至六个月来的最高点（-52对6月的-58），而对过去十二个月经济形势的看法则上升至五个月以来的最高值（-59对-62）。对未来12个月的预期也攀升至6个月来的最高水平（-46比-54）。家庭财务状况也有所改善，过去12个月的评估达到了4个月来的最高点（-17对-20），对未来12个月预期达到了5个月的峰值（-5对-8）。此外，消费者的消费意愿增强至四个月来的最高水平（-19对-21），而对重大购买时机的看法上升至三个月来最高水平（-34对-36）。

The consumer confidence indicator in the Netherlands increased to -32 in July 2025, up from -36 in the previous month. This marked the highest reading since February, as all sub-indices showed improvement. Consumer assessments of the overall economic climate rose to a six-month high (-52 vs -58 in June), while views on the economic situation over the past twelve months strengthened to a five-month high (-59 vs -62). Expectations for the next twelve months also climbed to the highest level in six months (-46 vs -54). Household finance perceptions improved as well, with assessments of the past twelve months reaching a four-month high (-17 vs -20) and expectations for the coming twelve months hitting a five-month peak (-5 vs -8). Additionally, consumer willingness to spend strengthened to its highest level in four months (-19 vs -21), while perceptions regarding the timing of major purchases rose to a three-month high (-34 vs -36).

荷兰经季节性调整的失业率在2025年6月为3.8%，连续第三个月保持不变。失业人数增加了1000人，达到38.6万人，而就业人数下降到983.2万人。劳动力参与率也稳定在76.1%。在此期间，失业救济人数减少了3000人，降至183600人，其中25岁以下（-3.7%）和25至35岁（-2.7%）的年轻人降幅最大。与去年同期相比，失业率比2024年6月的3.6%高出0.2个百分点。

The Netherlands’ seasonally adjusted unemployment rate stood at 3.8% in June 2025, unchanged for the third consecutive month. The number of unemployed individuals rose by 1,000 to 386,000, while employment fell to 9.832 million. The labor force participation rate also held steady at 76.1%. During the period, the number of unemployment benefits decreased by 3,000 to 183,600, with the sharpest decline seen among young people under 25 (-3.7%) and aged 25 to 35 (-2.7%). Compared to a year earlier, the jobless rate was 0.2 percentage points higher than the 3.6% recorded in June 2024.

荷兰的贸易顺差从去年同期的103.7亿欧元扩大到2025年5月的105.4亿欧元。出口同比增长1.8%，达到671.2亿欧元，主要原因是对欧盟国家的销售额增长0.4%，抵消了对非欧盟国家出口下降5%的影响。按商品分类，食品和活体动物（+9.4%）、动植物油（+5.9%）和化学产品（+3.5%）的出口显著增长。与此同时，进口下降2.4%，至565.8亿欧元，来自欧盟（-0.5%）和非欧盟（-4.1%）国家的采购均有所下降。进口下降的主要原因是动植物油（-8.1%）、矿物燃料和润滑油（-7.8%）以及饮料和烟草（-6.4%）的到货量减少。今年前五个月，该国录得544亿欧元的贸易顺差，出口增长0.2%，进口增长1.5%。

The Netherlands’ trade surplus widened to EUR 10.54 billion in May 2025 from EUR 10.37 billion in the same month of the previous year. Exports rose 1.8% year-on-year to EUR 67.12 billion, driven by a 0.4% increase in sales to EU countries, which offset a 5% decline in shipments to non-EU countries. By commodity, notable export gains were seen in food and live animals (+9.4%), animal and vegetable oils (+5.9%), and chemical products (+3.5%). Meanwhile, imports fell 2.4% to EUR 56.58 billion, with declines in purchases from both EU (-0.5%) and non-EU (-4.1%) countries. The drop in imports was mainly due to lower arrivals of animal and vegetable oils (-8.1%), mineral fuels and lubricants (-7.8%), and beverages and tobacco (-6.4%). For the first five months of the year, the country recorded a trade surplus of EUR 54.4 billion, as exports rose 0.2% while imports increased 1.5%.

2025年5月，荷兰制造业产量环比增长0.5%，从4月份的1.1%下降中恢复过来。反弹主要是由于药品产量大幅上升，在4月份暴跌27.2%后飙升9.8%。机械生产也恢复增长，在小幅下降0.1%后增长1%，机械维修和安装在下降2.9%后增长7%。此外，其他行业的产出增长势头强劲，如基本金属（7.7%对1.9%）和图形产品（2.3%对2.2%）。不利的一面是，石油工业（-8.7%对-6.9%）、电气设备（-4.3%对-3.4%）以及橡胶和塑料（-0.6%对1.8%）的产量继续萎缩。5月份制造业活动同比增长0.8%，而前一时期下降0.6%。

Manufacturing production in the Netherlands rose by 0.5% month-over-month in May 2025, recovering from a 1.1% decline recorded in April. The rebound was largely driven by a sharp upswing in pharmaceutical output, which surged 9.8% after plunging 27.2% April. Growth also returned in the production of machinery, rising 1% after a slight 0.1% dip, as well as in the repair and installation of machinery, which climbed 7% following a 2.9% drop. Additionally, output growth gained momentum in other sectors such as basic metals (7.7% vs 1.9%) and graphic products (2.3% vs 2.2%). On the downside, production continued to contract in the petroleum industry (-8.7% vs -6.9%), electrical equipment (-4.3% vs -3.4%), and rubber and plastics (-0.6% vs 1.8%). On a yearly basis, manufacturing activity expanded by 0.8% in May, following a 0.6% decline in the prior period.