(image: KobizMedia/ Korea Bizwire)
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s overseas direct investment fell 5 percent on-year in the third quarter of this year amid the prolonged COVID-19 pandemic, the finance ministry said Tuesday.
The value of investments made overseas by South Korean companies reached US$16.61 billion in the July-September period, down from $17.48 billion a year earlier, according to the Ministry of Economy and Finance.
The ministry attributed the decline to growing uncertainties from home and abroad, including monetary-tightening moves.
By sector, investment in the financial and insurance industry advanced 3.5 percent over the period to reach $7.58 billion, trailed by the manufacturing sector with $4.17 billion, up 12.4 percent on-year.
Those made in the real estate sector, on the other hand, plunged 44.9 percent on-year in the third quarter to hit $1.27 billion.
By destination, South Korea’s direct investment in the United States reached $6.2 billion in the third quarter, down 12.7 percent on-year. Those in China, the top trading partner, also slipped 3.9 percent to $740 million.
South Korea’s direct investment to the Cayman Islands, meanwhile, shot up 19.3 percent to $2.53 billion over the period.
North America accounted for 38.8 percent of South Korea’s total overseas direct investment in the third quarter, followed by Asian nations with 21.6 percent, according to the data. Europe took up 20.2 percent.
(Yonhap)
