August 2011  
Manufacturing sector remain positive despite the crisis in Euro and US
July is considered low season for service sector sentiment
The global economic recovery continues to fuel Taiwan’s external sector growth despite increased capital market volatility. Lead by strong demands for electronics and communication products from both Europe and the US, exports reached record growth in July and grew by 17.6%, or USD 28.12 billion Year-on-Year. The data is also impressive on Month-on-Month basis, gaining some 11.7% over the previous month. Import growth also remained strong, due to both consumption growth upturn as well as increase in commodity imports. Imports of consumer goods grew by 21.3% while commodity imports grew by 16.5% with a total import growth of 14.0% YoY, or USD 24.77 billions in July.

With both exports and imports value showed robust performances, trade surplus in July saw an increase of 54.5% comparing to the same period in previous year, or USD 3.34 billion. Cumulative trade data for the first seven months of 2011 saw impressive growth with exports grew by 17.0% and imports by 19.4%. Cumulative trade surplus for the first seven months of 2011 saw a decline of 6.4% YoY, or USD 13.41 billion. The relative low surplus growth was due to the surge of imports and not a reflection of Taiwan’s external trade sector.

Industrial production also experience sustained growth in June. With increased in demands for the electronic products, industrial production grew by 3.93% Year-on-Year, but fare less well on Month-on-Month basis, which saw a 2.27% growth comparing to the previous month.
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July export orders hit the 3rd highest in July
Export orders amounted to US$37.59 billion in July, setting the third highest record for a single month, the Ministry of Economic Affairs said. The figure shows an 11.12 percent growth year-on-year. But economics official cautioned that August could be a point of departure from the good news due to the impact of the credit rating downfrade of the United State and European debts, the traditional hot export season may not be so hot as in the past.

The MOEA: Government aims for 5% GDP growth in 2011
The government tries to achieve a five-percent increase in the country's GDP for the year despite an official estimate that falls short of expectations, the Ministry of Economic Affairs (MOEA) said. We will continue to work toward the goal of a five percent GDP growth, MOEA Minister said, apparently in defense of a "five-four-three-two-one" plan he announced last week.

The Ministry of Finance raised the ceiling on the amount of duty-free purchasing in the offshore islands to attract more tourists
A new revision of the Company Act takes effect on July 1 to provide more flexibility in the use of coprate funds
The Legislative Yuan pass a statute designed to encourage the private sector to participate in sports activities
The Intellectual Property Office introduce a new application with the aim of shorteming the patent application examination
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