荷兰6个月期国债 (Netherlands6MonthBillYield) 加自选

2025年4月，荷兰的贸易顺差从去年同期的112.3亿欧元收窄至91.4亿欧元，为2024年8月以来的最小顺差。进口同比增长0.5%，达到575.5亿欧元，这是由于来自欧盟国家的入境人数增长了2%，抵消了来自非欧盟国家入境人数下降0.8%的影响。在主要进口类别中，食品和活体动物激增18.3%，其次是动植物油脂（16.9%）和原材料（4%）。与此同时，出口下降2.6%，至666.8亿欧元，对欧盟（-0.4%）和非欧盟（-5.9%）国家的出口均下降。出口下降主要是由于矿物燃料、润滑油和相关产品（-21%）、饮料和烟草（-5.9%）以及机械和运输设备（-2.6%）的出货量减少。2025年前四个月，荷兰的贸易顺差总额为439.2亿欧元。

The Netherlands’ trade surplus narrowed to EUR 9.14 billion in April 2025, from EUR 11.23 billion in the same month of the previous year, marking the smallest surplus since August 2024. Imports rose by 0.5% year-on-year to EUR 57.55 billion, driven by a 2% increase in arrivals from EU countries, which offset a 0.8% decline in arrivals from non-EU countries. Among key import categories, food and live animals surged by 18.3%, followed by animal and vegetable oils and fats (16.9%) and raw materials (4%). Meanwhile, exports declined by 2.6% to EUR 66.68 billion, with shipments falling to both EU (-0.4%) and non-EU (-5.9%) countries. The drop in exports was largely due to lower shipments of mineral fuels, lubricants, and related products (-21%), beverages and tobacco (-5.9%), and machinery and transport equipment (-2.6%). Over the first four months of 2025, the Netherlands posted a total trade surplus of EUR 43.92 billion.

2025年5月，荷兰的年通货膨胀率为3.3%，与闪电估计相符，并指向自1月以来的最低水平。酒类和烟草（4月份为19.0%对20.6%）、娱乐和文化（1.9%对3.9%）、餐馆和酒店（2.7%对6.9%）以及教育（11.5%对12.2%）的价格有所下降。与此同时，运输成本八个月来首次下降（-1.5%对1.9%），而通信价格保持疲软（-4.1%对-4.1%）。相比之下，食品和非酒精饮料（4.2%对3.9%）、住房（5.0%对4.5%）、家庭维护（3.1%对2.4%）、健康（4.8%对4.1%）和杂项（4.6%对4.5%。此外，服装价格在4月份下跌0.1%后，上涨了0.5%，为3个月来最大涨幅。不包括能源、食品、酒精和烟草的核心通胀率降至3.0%，为一年来最低。每月，消费者价格指数在4月份上涨1.0%后下跌0.5%。欧盟统一通胀率从4月份的4.1%降至3.0%。

The annual inflation rate in the Netherlands stood at 3.3% in May 2025, matching flash estimates and pointing to the lowest print since January. Prices eased for alcohol and tobacco (19.0% vs 20.6% in April), recreation & culture (1.9% vs 3.9%), restaurants & hotels (2.7% vs 6.9%), and education (11.5% vs 12.2%). At the same time, cost of transport fell for the first time in eight months (-1.5% vs 1.9%) while communication prices stayed weak (-4.1% vs -4.1%). In contrast, inflation accelerated for food and non-alcoholic beverages (4.2% vs 3.9%), housing (5.0% vs 4.5%), household maintenance (3.1% vs 2.4%), health (4.8% vs 4.1%), and miscellaneous items (4.6% vs 4.5%). Also, clothing prices rose 0.5%, the most in 3 months, after a 0.1% fall in April. Core inflation, which excludes energy, food, alcohol, and tobacco, fell to 3.0%, the lowest in a year. Monthly, consumer prices dropped 0.5%, following a 1.0% gain in April. The EU-harmonized inflation rate eased to 3.0% from April's 4.1%.

荷兰5月消费者价格指数年环比从之前的4.1%降至3.3%。荷兰5月消费者价格指数年环比从之前的4.1%降至3.3%

Netherlands, The Consumer Price Index n.s.a (YoY) dipped from previous 4.1% to 3.3% in May.Netherlands, The Consumer Price Index n.s.a (YoY) dipped from previous 4.1% to 3.3% in May

继3月份修正后增长0.5%后，荷兰制造业产量在2025年4月环比下降1%。这是今年迄今为止的首次收缩和最大跌幅，主要原因是饮料（-6.7%对3月份的0%）、服装（-1.1%对3.4%）、石油产品（-6.9%对17.7%）和化学品（-4.5%对2.1%）的产量下降。此外，药品生产（-26.9%对16.8%）、电气设备（-2.9%对4.6%）、家具（-2.8%对0.4%）以及机械维修和安装（-2.3%对-1.8%）均出现显著下降。按年计算，制造业产出下降0.5%，扭转了上一时期1.4%的增长。

Manufacturing production in the Netherlands declined by 1% month-over-month in April 2025, following a revised 0.5% increase in March. This marked the first contraction and the steepest drop so far this year, primarily driven by decreases in the output of beverages (-6.7% vs 0% in March), clothing (-1.1% vs 3.4%), petroleum products (-6.9% vs 17.7%), and chemicals (-4.5% vs 2.1%). Additionally, notable declines were observed in the production of pharmaceuticals (-26.9% vs 16.8%), electrical equipment (-2.9% vs 4.6%), furniture (-2.8% vs 0.4%), as well as the repair and installation of machinery (-2.3% vs -1.8%). On an annual basis, manufacturing output shrank by 0.5%, reversing a 1.4% increase recorded in the previous period.