丹麦10年期国债 (Denmark10Y) 加自选

丹麦经季节性调整的商品和服务贸易顺差从上个月向下修正的264亿丹麦克朗增加到2025年4月的378亿丹麦克朗。这标志着自1960年有记录以来的最高顺差，出口环比增长4.1%，达到1807亿丹麦克朗，这得益于商品出口的增长（7%），抵消了服务出口的下降（-0.1%）。另一方面，进口下降2.9%，至1429亿丹麦克朗，受服务进口下降（-6.2%）的拖累，而商品进口没有变化。今年前四个月，该国实现了1076亿丹麦克朗的盈余，比2024年同期的806亿丹麦克朗有所扩大。

Denmark’s seasonally adjusted goods and services trade surplus increased to DKK 37.8 billion in April 2025 from a downwardly revised DKK 26.4 billion in the previous month. This marked the highest surplus since records began in 1960, as exports grew by 4.1% month-over-month to DKK 180.7 billion, supported by the increase in goods exports (7%), more than offsetting the decline in services exports (-0.1%). On the other hand, imports fell by 2.9% to DKK 142.9 billion, weighed down by a decline in services imports (-6.2%), while goods imports showed no change. For the first four months of the year, the country posted a DKK 107.6 billion surplus, widening from DKK 80.6 billion in the same period of 2024.

2025年4月，丹麦制造业产量环比增长2%，从前一个月3.2%的下降反弹。复苏主要得益于机械（3月份为25.7%对-13.9%）、电气设备（11.7%对-3.7%）和运输设备（4.2%对-6.7%）的强劲反弹。此外，电子元件（8.3%对1.5%）和木材、纸制品和印刷（0.8%对0.2%）的产量继续增长。与此同时，基本金属和金属制品（-3.4%对2.9%）和药品（-5.3%对-3.8%）的活动有所下降。在非季节性调整的年度基础上，4月份制造业产出下降了15.4%，而前一时期下降了2.5%。

Denmark’s manufacturing production rose by 2% month-over-month in April 2025, rebounding from a 3.2% drop in the previous month. The recovery was largely driven by a strong rebound in the output of machinery (25.7% vs -13.9% in March), electrical equipment (11.7% vs -3.7%), and transport equipment (4.2% vs -6.7%). Additionally, production continued to increase for electronic components (8.3% vs 1.5%) and wood, paper products and printing (0.8% vs 0.2%). Meanwhile, activity declined for basic metals and fabricated metal products (-3.4% vs 2.9%) and pharmaceuticals (-5.3% vs -3.8%). On a non-seasonally adjusted yearly basis, manufacturing output decreased by 15.4% in April, following a 2.5% fall in the preceding period.

丹麦经季节性调整的经常账户盈余从上个月的337亿丹麦克朗扩大到2025年4月的407亿丹麦克朗。这标志着自去年10月以来最大的顺差，由于出口增长7%，商品账户顺差从262亿丹麦克朗增加到334亿丹麦克朗。与此同时，服务账户盈余从2亿丹麦克朗扩大到44亿丹麦克朗。相反，初级收入盈余从101亿丹麦克朗缩小到58亿丹麦克朗，而次级收入赤字从3月份的28亿丹麦克朗扩大到29亿丹麦克朗。

Denmark’s seasonally adjusted current account surplus widened to DKK 40.7 billion in April 2025, from DKK 33.7 billion in the previous month. This marked the largest surplus since October last year, as the goods account surplus increased to DKK 33.4 billion from DKK 26.2 billion, due to a 7% rise in exports. At the same time, the services account surplus expanded to DKK 4.4 billion from DKK 0.2 billion. Conversely, the primary income surplus narrowed to DKK 5.8 billion from DKK 10.1 billion, while the secondary income deficit widened to DKK 2.9 billion from DKK 2.8 billion in March.

丹麦央行在欧洲央行（ECB）采取类似举措后，于5月将关键利率下调25个基点至1.60%。这是自2024年6月以来的第八次降息，使借贷成本降至2022年11月以来的最低水平。该决定确保丹麦和欧元区之间的利率差保持不变，维持丹麦货币克朗对欧元的稳定。

Denmark’s central bank lowered its key interest rate by 25 basis points to 1.60% in May, following a similar move by the European Central Bank (ECB). This marks the eighth rate cut since June 2024, bringing borrowing costs to the lowest level since November 2022. The decision ensures that the interest rate difference between Denmark and the Eurozone remains unchanged, maintaining the stability of Denmark's currency, the krone, against the euro.