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S. Korea's overseas direct investment falls in 6 years in 2020 over COVID-19

SEOUL
2021-03-15 14:49

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SEOUL, March 15 (Xinhua) -- South Korea's overseas direct investment marked the first fall in six years last year due to an economic fallout from the COVID-19 pandemic, a government report showed Monday.

Overseas direct investment came in at 54.91 billion U.S. dollars in 2020, down 14.6 percent from the previous year, according to the Ministry of Economy and Finance.

It was the first reduction in six years since 2014, posting the biggest yearly decline in 18 years.

The pandemic discouraged local residents from investing in foreign countries, especially in the manufacturing sector.

Direct investment in the overseas manufacturing industry dropped 31.2 percent, but investment in the finance and insurance segment soared 31.3 percent.

Investment in the foreign real estate sector slipped 3.8 percent, while those in the information and communications and the electricity and natural gas segments surged in triple and double digits each last year.

Direct investment in China and the United States, South Korea's top two trading partners, contracted 27.9 percent and 4.2 percent respectively in 2020.

Investment in Canada more than doubled last year as local public institutions participated in massive projects.

During the October-December quarter, the overseas direct investment reached 17.44 billion dollars, up 0.2 percent compared to the same quarter of the previous year.
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