挪威10年期国债 (Norway10Y) 加自选

由于出口下降而进口增加，挪威的贸易顺差从去年同期的666亿挪威克朗缩小到2025年6月的474亿挪威克朗。出口同比下降9.5%，至1394亿挪威克朗，主要原因是矿物燃料、润滑油和相关材料（-13.9%）以及机械和运输设备（-11.9%）的销售额下降。与此同时，进口增长5.2%，达到920亿挪威克朗，主要原因是机械和运输设备（9%）、主要按材料分类的制成品（16.9%）和杂项制成品（6.4%）的采购增加。今年上半年，该国贸易顺差总额为3812亿挪威克朗，比去年同期增长5.9%。

Norway's trade surplus narrowed to NOK 47.4 billion in June 2025 from NOK 66.6 billion in the corresponding month of the previous year, as exports dropped while imports increased. Exports declined by 9.5% year-on-year to NOK 139.4 billion, primarily due to lower sales of mineral fuels, lubricants and related materials (-13.9%) and machinery and transport equipment (-11.9%). Meanwhile, imports grew by 5.2% to NOK 92.0 billion, driven mainly by increased purchases of machinery and transport equipment (9%), manufactured goods classified chiefly by material (16.9%), and miscellaneous manufactured articles (6.4%). For the first half of the year, the country’s trade surplus totaled NOK 381.2 billion, marking a 5.9% rise compared to the same period last year.

2025年6月，挪威的年度消费者通胀率为3%，与5月持平，保持在2月以来的最高水平。主要的上行压力来自交通（5月份为1.9%对0.9%）、娱乐和文化（4%对2.7%）、餐馆和酒店（3.5%对3.1%）以及杂项商品和服务（1.1%对0.9%）的通胀率上升。与此同时，食品和非酒精饮料（4.7%对5.3%）、住房和公用事业（4.2%对5.1%）以及家具、家用设备和维护（0.1%对0.7%）的通货膨胀有所缓解。按月计算，6月份消费者价格指数上涨0.2%，低于5月份的0.4%，为三个月来最小涨幅。经税收变化调整的CPI（不包括能源产品）同比增长3.1%，超过了市场预期的3%的增长。这标志着三个月来的最高读数，并从5月份的2.8%上升加速。

The annual consumer inflation rate in Norway stood at 3% in June 2025, unchanged from May and holding at its highest level since February. The main upward pressure came from higher inflation in transport (1.9% vs 0.9% in May), recreation and culture (4% vs 2.7%), restaurants and hotels (3.5% vs 3.1%), and miscellaneous goods and services (1.1% vs 0.9%). Meanwhile, inflation eased for food and non-alcoholic beverages (4.7% vs 5.3%), housing and utilities (4.2% vs 5.1%), and furnishings, household equipment, and maintenance (0.1% vs 0.7%). On a monthly basis, consumer prices rose by 0.2% in June, down from a 0.4% increase in May, marking the smallest gain in three months. The CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose 3.1% year-on-year, exceeding market expectations of a 3% increase. This marked the highest reading in three months and accelerated from a 2.8% rise in May.

2025年6月，挪威生产者价格指数同比下降1%，较上月0.1%的跌幅进一步下滑。这标志着连续第二个月出现通货紧缩，能源商品价格下跌（-5.4%对5月的-3.9%），石油和天然气开采价格下跌（-6.6%对-7.5%）。此外，电力、天然气和蒸汽的价格增长大幅放缓（12.9%对40.2%）。与此同时，制造成本上升（1.8%对1.6%）。除能源商品外，6月份生产者价格指数上涨2.8%，与上月持平。按月计算，PPI下降了0.3%，较5月份的3%有所缓解。

Producer prices in Norway decreased by 1% year-on-year in June 2025, slipping further from a 0.1% fall in the previous month. This marked the second consecutive month of deflation, amid lower prices for energy goods (-5.4% vs -3.9% in May) and extraction of oil and natural gas (-6.6% vs -7.5%). In addition, price growth slowed sharply for electricity, gas, and steam (12.9% vs 40.2%). Meanwhile, costs increased for manufacturing (1.8% vs 1.6%). Excluding energy goods, producer prices rose by 2.8% in June, the same pace as in the prior month. On a monthly basis, the PPI fell by 0.3%, easing from a 3% decline in May.

2025年5月，挪威制造业产量环比下降1.7%，低于上个月略微向上修正的2.9%的增长。几乎所有关键行业都出现了大幅下滑，主要是船舶、船只和石油（-4.5%对4月份的8.4%）、橡胶、塑料和矿产品（-4.6%对3.8%）以及印刷和复制（-2.7%对4.6%）。另一方面，纺织品、服装和皮革的产量恢复（1.3%对-1.5%），而木材和木制品（-1.5%对-4.5%）以及基本金属（-1.2%对-3.3%）的产量下降速度较慢。5月份制造业产出同比增长5.7%，低于前一时期创纪录的10.3%的增幅。

Norway’s manufacturing production dropped by 1.7% month-on-month in May 2025, slipping from a slightly upwardly revised 2.9% increase in the previous month. The downturn was driven by significant declines across almost all key sectors, mainly in ships, boats and oil (-4.5% vs 8.4% in April), rubber, plastic and mineral products (-4.6% vs 3.8%), and printing and reproduction (-2.7% vs 4.6%). On the other hand, production recovered for textiles, wearing apparel, and leather (1.3% vs -1.5%), while it decreased at a slower pace for wood and wood products (-1.5% vs -4.5%) and basic metals (-1.2% vs -3.3%). On a yearly basis, manufacturing output advanced by 5.7% in May, slowing from a record-high 10.3% gain in the preceding period.