S. Korea's overseas investment drops 23 pct in Q2

Economy 11:00 September 15, 2023

By Kang Yoon-seung

SEOUL, Sept. 15 (Yonhap) -- South Korea's direct investment dipped over 20 percent in the second quarter of 2023 from a year earlier, amid a slowdown in the global economy, data showed Friday.

The value of overseas investments by South Korean companies reached US$15.31 billion in the April-June period, down 22.9 percent from a year earlier, according to the data compiled by the Ministry of Economy and Finance.

The ministry attributed the slowdown to higher borrowing costs and uncertainties in the global economy.

By sector, the amount of overseas investment in the financial and insurance industries reached $5.79 billion, down 20.7 percent on-year.

The investment in the manufacturing segment slipped 33 percent to $4 billion, and that in the real estate industry fell 20.1 percent to $1.25 billion.

The amount of investment rolled out in the mining sector, meanwhile, more than doubled to reach $1 billion.

By country, investment in the United States moved down 14.2 percent to $6.21 billion, and that in the Cayman Islands fell 50.1 percent to $1.38 billion.

Investment in Canada, on the other hand, moved up 30.7 percent to $1.22 billion.