The number of patent applications constitutes an important indicator of a country’s industrial competitiveness. According to data released by the World Intellectual Property Organization (WIPO) in late 2008, in 2007 a total of around 2.5 million patent applications were made worldwide, of which 484,955 were in the U.S., 443,150 in Japan, 140,725 in the European Union, 693,917 in China, and 245,847 in South Korea. The total number of patent applications received in Taiwan in 2007 was 81,834, putting Taiwan in seventh place worldwide; the 2008 total was 83,601 applications.