S. Korea's overseas direct investment jumps 30% in Q1

South Korea's overseas direct investment jumped 29.5 percent in the first three months from a year earlier on a sharp rise in the financial sector, government data showed Thursday.

The country's overseas direct investment came to $10.3 billion in the January-March period, compared with $7.95 billion tallied in the same period last year, according to the data compiled by the Ministry of Strategy and Finance.

From a quarter earlier, however, it slumped 22.5 percent from $13.29 billion, the largest amount since the second quarter of 2012.

Investments by financial institutions, including insurers, nearly doubled to $4.02 billion from $2.05, with investments by manufacturers soaring 33.6 percent on-year to $2.76 billion.

Investments by mining companies fell 13.8 percent to $830 million, while money funneled from the wholesale and retail sector also plunged 42.3 percent on-year to $600 million.

Asia was South Korea's biggest investment destination with its investment surging 64.3 percent to $2.95 billion, closely followed by North America with $2.73 billion and Latin America with $2.35 billion.

The finance ministry expected the country's overseas investment to taper off in the coming months due mainly to the volatile global financial market and a protracted slump in the world economy.

"Capital oversupply, low oil prices and financial volatility are still weighing heavily on investor sentiment at home and abroad," the ministry said in a release. "Over the latter half of the year, overseas investment will likely decrease or stagnate in South Korea and all over the world." (Yonhap)