荷兰AEX25指数 (AEX) 加自选

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%

2025年8月，荷兰家庭消费同比增长1.1%，较上月1.3%的增长有所放缓。经济放缓主要是由于商品消费增长较小（7月份为0.7%对1.1%），反映出耐用消费品支出放缓（1.9%对3.4%），而食品、饮料和烟草消费略有反弹（0.3%对-1.3%）。与此同时，服务业消费增长保持在1.4%不变，主要受交通、通信和酒店业支出的推动。服务支出占家庭消费总支出的一半以上。追踪影响家庭支出的关键因素的9月消费雷达显示，随着消费者信心和就业前景的增强，情况比8月略有改善。

Household consumption in the Netherlands rose by 1.1% year-on-year in August 2025, slowing from a 1.3% increase in the previous month. The slowdown was mainly due to a smaller rise in the consumption of goods (0.7% vs 1.1% in July), reflecting moderated spending on durable consumer goods (1.9% vs 3.4%), while there was a slight rebound in the consumption of food, beverages, and tobacco (0.3% vs -1.3%). Meanwhile, consumption growth for services was unchanged at 1.4%, mainly driven by spending on transport, communication, and hospitality. Spending on services accounts for more than half of total household consumption expenditure. The September Consumption Radar, which tracks key factors affecting household spending, showed slightly improved conditions from August as consumer sentiment and employment prospects strengthened.