less than twofold, growth. Export composition changed from predominantly agricultural commodities to industrial goods (now 98%). The electronics sector is Taiwan's most important industrial export sector and is the largest recipient of United States investment. Taiwan is a member of numerous trade agreements, with China, Japan, USA, the European Union, and Hong Kong as top 5 trade partners in 2010. Taiwan has one of the world's lowest fertility rate and high housing prices. Labor shortages, falling domestic demand, and declining tax revenues are concerns as Taiwan's population decline is faster than other advanced economies. As an island economy with a lack of natural resources and comparatively lower domestic aggregate demand, Taiwan's highly educated human resources would contribute greatly to Value added Innovation management for expanding Taiwan's international trade. Taiwan, as an independent economy, became a member of the World Trade Organization (WTO) as Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (often shortened to "Chinese Taipei" - both names resulting from PRC interference in the WTO) in January 2002. In a 2011 report by Business Environment Risk Intelligence (BERI), Taiwan ranked third-best globally for its investment environment. Taiwan is the world's largest supplier of contract computer chip manufacturing (foundry services) and is a leading LCD panel manufacturer, DRAM computer memory, networking equipment, and consumer electronics designer and manufacturer. Major hardware companies include Acer, Asus, HTC, Foxconn, TSMC and Pegatron. Textiles are another major industrial export sector, though of declining importance due to labor shortages, increasing overhead costs, land prices, and environmental protection. Imports are dominated by raw materials and capital goods, which account for more than 90% of the total. Taiwan imports most of its energy needs. The United States is Taiwan's third largest trading partner, taking 11.4% of Taiwanese exports and supplying 10.0% of its imports. Mainland China has recently become Taiwan's largest import and export partner. In 2010, the mainland accounted for 28.0% of Taiwan's exports and 13.2% of imports. This figure is growing rapidly as both economies become ever more interdependent. Imports from mainland China consist mostly of agricultural and industrial raw materials. Exports to the United States are mainly electronics and consumer goods. As Taiwanese per capita income level has risen, demand for imported, high-quality consumer goods has increased. Taiwan's 2002 trade surplus with the United States was $8.70 billion. The lack of formal diplomatic relations between the Republic of China (Taiwan) with Taiwan's trading