August 2016  
Propulsion of global economic recuperation remains weak
TIER manufacturing composite indicator signifies cyclical recovery
The GDP growth of the US in Q2 on y-o-y basis was only 1.2% or 1.4 percentage points less than the markets had expected due to declining private investment. The Euro Area (EA19) and European Union (EU28) grew by 1.6% and 1.8% in Q2 respectively compared with the same quarter of last year. As for Japan, its y-o-y GDP growth rate stood at 0.6% because of weakening external and internal demands. Overall, advanced economies have not performed well so far. On the other hand, emerging economies such as China and ASEAN countries have outperformed the markets' expectation. However, the overall propulsion of global economic recuperation is still weak. Both Global Insight and EIU revised their forecasts for global growth downward. Nevertheless, the business composite indicators issued by the Taiwan Institute of Economic Research (TIER) signify signs of cyclical recovery.
Taiwan's exports in July 2016 increased by 1.20% compared with the same month last year, the first increase in exports after a historical 17 months of consecutive drop. Regarding imports, Taiwan's imports in July dropped by 0.16% compared with imports in July 2015. From January 1 to July 31 this year, Taiwan's exports and imports gave a trade surplus of US$ 27.63 billion or an increase by 0.14% on a y-o-y basis.
Taiwan's consumer price index (CPI) went up by 1.23% in July 2016 compared with the same month of previous year. The current inflation rate has remained somewh
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CCI down in August over concerns about economy
Taiwan's consumer confidence index (CCI) fell in August, reflecting public concerns over the economy, National Central University (NCU) said Monday. The CCI for August stood at 79.56, down 0.62 points from a month earlier, according to a survey conducted by the university's Center for Taiwan Economic Development asking Taiwanese consumers about their spending intentions and outlook for the coming six months. The index consists of six indicators reflecting how much confidence people have in consumer prices, the job market, family finances, the overall economic climate, the stock market and the possible purchase of durable goods in the coming six months. (Source: The China Post)

Moving towards a new cycle of economic revolution (Source: MOEA)
Taiwan Economic Research Monthly
The impacts of global economic changes on Taiwan's export performances
Review of Taiwan, Japan, and Korea's export performances in major markets
If there is an increase in the export of a country to a certain market, while the other country's exports decrease, it can be assumed that there is a substituted relationship between two countries in a condition of same export commodities between two countries. This article analyses Taiwan, Japan, Korea and China’s substitution effect and the performance of competition and cooperation to be a reference for Taiwan to adjust its relevant policies.
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