By Kang Yoon-seung
According to figures released by the Ministry of Economy and Finance on Friday, South Korean companies’ overseas investments dropped by 22.9 percent in the April-June period of 2023 compared to the same period in 2022, due to a worldwide economic slowdown.
The financial and insurance industries experienced a 20.7 percent decrease in their overseas investments to $5.79 billion, while the manufacturing sector saw a 33 percent decrease to $4 billion and the real estate industry experienced a 20.1 percent decline to $1.25 billion.
In contrast, the mining sector saw its investment more than double to reach $1 billion.
The United States had a 14.2 percent decrease in investment to $6.21 billion, while the Cayman Islands saw a 50.1 percent drop to $1.38 billion. Investment in Canada, however, increased by 30.7 percent to $1.22 billion.