荷兰AEX25指数 (AEX) 加自选

荷兰经季节性调整的失业率在2025年9月升至4%，为2021年9月以来的最高水平，高于8月的3.9%。失业人数比上月增加8000人，达到40.9万人的四年高点。与此同时，就业人数增加4000人，达到984.3万人，劳动力参与率从8月份的76.3%微升至76.4%。当月，新增失业救济金19.9万份，使总数达到18.74万份，同时终止了同等数量的救济金。与去年同期相比，失业率比2024年9月的3.7%高出0.3个百分点。

The Netherlands’ seasonally adjusted unemployment rate rose to 4% in September 2025, the highest level since September 2021, up from 3.9% in August. The number of unemployed individuals increased by 8 thousand from the previous month to a four-year high of 409 thousand Meanwhile, employment rose by 4 thousand to 9.843 million, and the labor force participation rate edged up slightly to 76.4% from 76.3% in August. During the month, 19.9 thousand new unemployment benefits were granted, bringing the total to 187.4 thousand, while an equal number of benefits were terminated. Compared with a year earlier, the jobless rate was 0.3 percentage points higher than the 3.7% recorded in September 2024.

荷兰的贸易顺差从去年同月的90.7亿欧元收窄至2025年8月的77.4亿欧元，为2023年4月以来的最小顺差。出口下降3.5%，至614.7亿欧元，受对欧盟（-3.2%）和非欧盟国家（-4%）的销售额下降拖累。在大宗商品中，化学产品（-12.9%）、矿物燃料和润滑油（-10.8%）以及饮料和烟草（-5%）的出口大幅下降。与此同时，进口下降1.7%，至527.3亿欧元，降幅较小，因为非欧盟国家的出货量下降（-3.1%）被欧盟国家的小幅增长（+0.1%）略微抵消。原材料（-12.2%）、动植物油（-7.1%）和化学产品（-6.8%）的采购量下降尤其明显。1月至8月，荷兰贸易顺差收窄至801.0亿欧元，而去年同期为909.6亿欧元。

The Netherlands’ trade surplus narrowed to EUR 7.74 billion in August 2025 from EUR 9.07 billion in the same month last year, marking the smallest surplus since April 2023. Exports fell 3.5% to EUR 61.47 billion, dragged down by lower sales to both EU (-3.2%) and non-EU countries (-4%). Among commodities, exports declined sharply for chemical products (-12.9%), mineral fuels and lubricants (-10.8%), and beverages and tobacco (-5%). Meanwhile, imports fell more moderately by 1.7% to EUR 52.73 billion, as the decline in shipments from non-EU countries (-3.1%) was slightly offset by a small increase from EU countries (+0.1%). Purchases were particularly down for raw materials (-12.2%), animal and vegetable oils (-7.1%), and chemical products (-6.8%). From January to August, the Netherlands’ trade surplus narrowed to EUR 80.10 billion, compared with EUR 90.96 billion in the same period last year.

2025年8月，荷兰制造业产量环比增长1.7%，从7月份向下修正的1.2%的下降中恢复过来，这是七个月来最大的下降。这是三个月来的首次增长，也是自2024年8月以来最强劲的增长。食品（0.8%对-1.9%）、皮革和鞋类（8.9%对-4.7%）、建筑材料（4.1%对-2.7%）、化学品（0.2%对-0.7%）和电气设备（3.2%对-4.9%）的产出反弹。此外，机械（2.6%对0.5%）和汽车及拖车（9.3%对5.8%）的产量增长加快。与此同时，服装（0.9%对1.3%）和纺织品（0.1%对0.9%）的产出增长放缓。相比之下，药品（-6.0%对-0.7%）、其他产品（-2.7%对-2.3%）、基本金属（-0.4%对0.8%）、金属制品（-1.3%对2.0%）和家具（-3.5%对10.3%）的产量有所下降。按年度计算，制造业没有增长，前一个月下降了0.8%。

Manufacturing production in the Netherlands grew by 1.7% month-over-month in August 2025, recovering from a downwardly revised 1.2% decline in July, which was the steepest drop in seven months. This marked the first increase in three months and the strongest growth since August 2024. Output rebounded in food (0.8% vs -1.9% in July), leather and shoes (8.9% vs -4.7%), building materials (4.1% vs -2.7%), chemicals (0.2% vs -0.7%), and electrical equipment (3.2% vs -4.9%). Additionally, production growth accelerated for machinery (2.6% vs 0.5%) and automotive and trailers (9.3% vs 5.8%). Meanwhile, output growth moderated for clothing (0.9% vs 1.3%) and textiles (0.1% vs 0.9%). By contrast, output contracted for pharmaceuticals (-6.0% vs -0.7%), other products (-2.7% vs -2.3%), basic metals (-0.4% vs 0.8%), metal products (-1.3% vs 2.0%), and furniture (-3.5% vs 10.3%). On a yearly basis, manufacturing showed no growth, following a downwardly revised 0.8% drop in the previous month.

荷兰制造业产出（月环比）：1.7%（8月）对-1.4%。荷兰制造业产出（月环比）：1.7%（8月）对-1.4%

Netherlands, The Manufacturing Output (MoM): 1.7% (August) vs -1.4%.Netherlands, The Manufacturing Output (MoM): 1.7% (August) vs -1.4%