英国1个月期国债 (UK1M) 加自选

2025年4月，英国制造业产量环比下降0.9%，高于市场预测的0.8%的降幅，此前一个月下降了0.8%。在13个制造业子行业中，有8个行业的产出下降，其中最大的贡献来自运输设备（-5.2%），其次是化学品和化学产品（-2.5%）、机械和设备（-2.1%）以及纺织品、服装和皮革制品（-2%）。另一方面，基本药品（5.2%）、电气设备（3.3%）以及焦炭和精炼石油产品（1.5%）的制造业出现了显著增长。按年计算，4月份制造业产出增长0.4%，符合预期，从3月份的0.8%下降中反弹。

Manufacturing production in the UK fell 0.9% month-over-month in April 2025, more than market forecasts of a 0.8% drop and following a 0.8% decrease in the previous month. Output declined in 8 of the 13 manufacturing subsectors, with the largest contribution coming from transport equipment (-5.2%), followed by chemicals and chemical products (-2.5%), machinery and equipment (-2.1%), and textiles, wearing apparel and leather products (-2%). On the other hand, notable increases were recorded in the manufacture of basic pharmaceutical products (5.2%), electrical equipment (3.3%), and coke and refined petroleum products (1.5%). On a yearly basis, manufacturing output rose by 0.4% in April, in line with expectations, rebounding from a 0.8% fall in March.

英国贸易逆差从3月份的37亿英镑急剧扩大到2025年4月的70.3亿英镑，这是自2022年6月以来最大的贸易逆差，因为出口下降而进口增加。出口下降3.4%，至734.4亿英镑的四个月低点，而进口增长1.0%，至804.7亿英镑的33个月高点。商品出口下降了8.8%，主要是由于对欧盟的出口下降了4.3%，这主要是由于燃料出口减少，特别是对荷兰和波兰的原油出口减少。对非欧盟国家的出货量下降了12.6%，主要是由于对美国的机械和运输设备出口下降，尤其是汽车。相比之下，服务出口增长了0.4%，达到450.8亿英镑。与此同时，商品进口增长1.2%，达到十个月来的最高点，服务进口增长0.6%，达到289亿英镑。

The UK trade deficit widened sharply to £7.03 billion in April 2025 from £3.70 billion in March, marking the largest trade gap since June 2022, as exports fell while imports rose. Exports dropped by 3.4% to a four-month low of £73.44 billion, while imports rose 1.0% to a 33-month high of £80.47 billion. Goods exports shrank by 8.8%, weighed down by a 4.3% decrease in shipments to the EU, largely due to lower fuel exports, particularly a decline in crude oil shipments to the Netherlands and Poland. Shipments to non-EU countries plunged 12.6%, mainly due to a drop in exports of machinery and transport equipment, especially cars to the US. In contrast, service exports rose 0.4% to £45.08 billion. Meanwhile, goods imports grew 1.2% to a ten-month high, and service imports climbed 0.6% to £28.90 billion.

2025年4月，英国工业生产环比下降0.6%，略低于上月0.7%的降幅，但降幅低于市场预期的0.5%。采矿和采石业的产出显著反弹（3月份为3.6%，3月份为-1.2%）。另一方面，制造业（-0.9%对-0.8%）和电力、天然气、蒸汽和空调供应（-4.3%对-0.7%）的产量继续下降，而供水、污水和废物管理产出小幅下降（0.7%对0.8%）。按年度计算，4月份工业生产下降了0.3%，比3月份的0.7%下降有所放缓，但略低于市场预测的0.2%的下降。

Industrial production in the UK declined by 0.6% month-on-month in April 2025, slightly easing from a 0.7% fall in the previous month but coming in worse than market expectations of a 0.5% drop. Output rebounded notably in the mining and quarrying sector (3.6% vs -1.2% in March). On the other hand, production continued to decline in manufacturing (-0.9% vs -0.8%) and electricity, gas, steam and air-conditioning supply (-4.3% vs -0.7%), while water supply, sewerage and waste management output edged down (0.7% vs 0.8%). On an annual basis, industrial production fell by 0.3% in April, slowing from a 0.7% decline in March, but slightly worse than market forecasts of a 0.2% drop.

英国经济在2025年4月收缩了0.3%，这是六个月来的首次下降，也是自2024年10月以来的最大跌幅。这是继3月份0.2%的增长之后，超过了0.1%的下降预期。有几个因素导致了4月份的经济衰退，包括更高的能源账单和受监管的服务成本、雇主国家保险缴款的增加、印花税土地税率的提高以及特朗普总统宣布的主要关税。服务业产出是GDP下降的最大原因，下降了0.4%。法律活动（-10.2%）、广告和市场研究（-3.4%）、批发贸易（-3.2%）均录得显著跌幅。生产产出也出现收缩（-0.6%），即制造业（-0.9%）和电力、天然气、蒸汽和空调（-4.3%）。相比之下，建筑业表现出弹性，产出增长了0.9%。尽管4月份遭遇挫折，但截至4月份的三个月内，国内生产总值增长了0.7%。

The British economy contracted by 0.3% mom in April 2025, marking the first decline in six months and the sharpest drop since October 2024. This follows a 0.2% expansion in March and exceeded expectations of a 0.1% decline. Several factors contributed to the downturn in April, including higher energy bills and regulated service costs, the implementation of increased employers’ National Insurance contributions, a rise in Stamp Duty Land Tax rates, and the announcement of major tariffs by President Trump. Services output, the largest contributor to the GDP decline, fell by 0.4%. Notable declines were recorded in legal activities (-10.2%), advertising and market research (-3.4%), wholesale trade (-3.2%). Production output also contracted (-0.6%), namely manufacturing (-0.9%) and electricity, gas, steam and air conditioning (-4.3%). In contrast, the construction sector showed resilience, with output increasing by 0.9%. Despite April’s setback, GDP grew by 0.7% in the three months to April.