葡萄牙6个月期国债 (Portugal6M) 加自选

葡萄牙的贸易逆差从一年前的24亿欧元扩大到2025年4月的30.2亿欧元，创下历史第三大缺口。出口下降5.7%，至64.7亿欧元，其中燃料和润滑油出口大幅下降32.9%，导致广泛下降。在主要贸易伙伴中，对西班牙的出口显著下降（-3.1%），主要是由于工业供应减少；荷兰（-15.6%），燃料、润滑油和工业供应大幅下降；意大利（-9.5%），主要反映了运输设备的暴跌。与此同时，进口增长2.4%，达到94.9亿欧元。爱尔兰是一个突出的贡献者，其进口激增792.2%，主要是由于工业供应，尤其是化学产品，主要与不涉及所有权转让的合同制造交易有关。考虑到1月至4月，贸易逆差增至92.7亿欧元，而2024年同期为83.6亿欧元。

Portugal’s trade deficit widened to €3.02 billion in April 2025, up from €2.40 billion a year earlier, marking the third largest gap on record. Exports declined by 5.7% to €6.47 billion, with broad-based decreases led by a sharp 32.9% drop in fuel and lubricant exports. Among major trading partners, notable declines were recorded in exports to Spain (-3.1%), mainly due to lower industrial supplies; the Netherlands (-15.6%), driven by steep falls in fuels, lubricants, and industrial supplies; and Italy (-9.5%), largely reflecting a plunge in transport equipment. Meanwhile, imports rose 2.4% to €9.49 billion. A standout contributor was Ireland, where imports surged by 792.2%, primarily due to industrial supplies—especially chemical products—linked largely to contract manufacturing transactions that do not involve a transfer of ownership. Considering January to April, the trade deficit increased to €9.27 billion, compared with €8.36 billion in the same period of 2024.

葡萄牙零售贸易增长在2025年4月同比放缓至2.1%，低于3月份的4.0%，因为几个类别的势头减弱。食品销售额增长略有放缓，从6.6%降至6.0%，而非食品销售额在上个月增长3.6%后下降了0.5%。在非食品领域，服装和鞋类销售额暴跌11.6%（下降4.9%），在线销售额下降8.6%（下降11.7%）。药品销售额的增长速度也较慢，与3月份的5.7%相比，增长了4.6%。与此同时，燃料销售下降0.8%，较上月2.9%的下降有所缓和。4月份零售额环比下降0.2%，3月份下降0.6%。

Portugal’s retail trade growth slowed to 2.1% year-on-year in April 2025, down from 4.0% in March, as momentum weakened across several categories. Food sales growth eased slightly to 6.0% (from 6.6%), while non-food sales declined by 0.5% following a 3.6% increase in the previous month. Within the non-food segment, clothing and footwear sales plunged 11.6% (vs. a 4.9% decline), and online sales fell 8.6% (vs. 11.7%). Sales of pharmaceutical products also grew at a slower pace, rising 4.6% compared to 5.7% in March. Meanwhile, fuel sales declined 0.8%, softening from a 2.9% drop in the prior month. On a monthly basis, retail sales fell 0.2% in April, following a 0.6% decrease in March.

2025年4月，葡萄牙工业生产同比下降2.2%，此前4月下降5.4%，制造业在下降4.8%后暴跌3.1%。另一方面，电力、天然气（1.7%对-9%）以及水和卫生设施（2.9%对-0.6%）的产出出现反弹。与上月相比，工业生产增长1.2%，从3月份3.9%的下降中反弹

Industrial production in Portugal decreased 2.2% year-on-year in April 2025, following a 5.4% drop in April, dragged by a 3.1% plunge in the manufacturing sector, after a 4.8% decline. On the other hand, a rebound was seen in the output for electricity, gas (1.7% vs -9%) and water and sanitation (2.9% vs -0.6%). Compared to the previous month, industrial production rose 1.2%, rebounding from a 3.9% fall in March

葡萄牙的失业率从前两个月的6.5%降至2025年4月的6.3%，为一年来的最低水平。失业人数减少4100人，至349100人，就业人数增加33400人，至521.6万人。4月份的就业率从3月份的64.7%上升到65.1%，劳动力参与率也从69.4%上升到69.1%。与此同时，劳动力利用不足率从3月份的10.8%下降到4月份的10.6%，其中包括失业人口、未充分就业的兼职工人、不活跃但找不到工作的个人以及有工作但不积极求职的个人。

Portugal's unemployment rate fell to 6.3% in April 2025, the lowest in one year, from 6.5% in each of the previous two months. The number of unemployed individuals decreased by 4,100 to 349,100 and the employed increased by 33,400 to 5.216 million. The employment rate rose to 65.1% in April from 64.7% in March and the labor force participation rate also increased to 69.4% to 69.1%. Meanwhile, the labor underutilization rate, which accounts for the unemployed population, underemployed part-time workers, inactive individuals seeking employment but unavailable, and those available but not actively job-seeking, ticked down to 10.6% in April from 10.8% in March.