2025年4月，标普全球香港特别行政区PMI稳定在48.3，与3月持平，表明商业连续第三个月收缩。新订单出现了自2024年6月以来的最大跌幅，出口销售额，特别是对中国大陆的出口销售额大幅下降。因此，在批发和零售业的带动下，产出水平在三个月内第二次下降。就业人数也连续第三个月下降，但速度较慢，而采购活动进一步疲软，库存消耗仍然温和。与此同时，供应链绩效有所改善，标志着两年来供应商交货时间最长。在价格方面，投入价格以今年最温和的速度上涨，而公司降低了销售价格以支持销售。展望未来，商业信心降至2020年9月以来的最低水平，企业在贸易不确定性和经济挑战加剧的情况下表示悲观。
The S&P Global Hong Kong SAR PMI held steady at 48.3 in April 2025, unchanged from March, signaling continued business contraction for the third consecutive month. New orders saw their steepest drop since June 2024, with export sales, particularly to Mainland China, declining sharply. As a result, output levels fell for the second time in three months, led by the wholesale and retail sector. Employment also dropped for the third straight month, though at a slower pace, while purchasing activity softened further and inventory depletion remained mild. Meanwhile, supply chain performance improved, marking the strongest vendor delivery times in two years. On the price front, input prices rose at the softest pace of the year, while firms lowered selling prices to support sales. Looking ahead, business sentiment fell to its lowest since September 2020, with firms expressing pessimism amid heightened trade uncertainty and economic challenges.
