SEOUL- Foreign direct investment (FDI) in South Korea rose in single digits in the first quarter of this year due to higher greenfield investment, government data showed. The reported FDI came to 5.63 billion U.S. dollars in the January-March quarter, up 3 percent from the same quarter of last year, according to the Ministry of Trade, Industry, and Energy. It marked the highest first-quarter amount on higher greenfield investment. Greenfield investment, which involves factory construction and employment, advanced 13 percent over the year to 4.18 billion dollars in the first quarter.
The merger and acquisition investment was reduced by 16 percent to 1.45 billion dollars in the cited quarter. The FDI in the manufacturing industry shrank 6 percent to 1.54 billion dollars, but foreign investment in the domestic services sector gained 5 percent to 3.95 billion dollars. The direct investment from Europe more than tripled to 2.08 billion dollars, but investment from the United States and Japan retreated by double figures to 750 million dollars and 300 million dollars respectively.
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Meanwhile, South Korea logged a current account deficit for the second consecutive month in February due to export fall and travel account deficit, central bank data showed Friday. Current account balance, the broadest measure of cross-border trade, posted a deficit of 520 million U.S. dollars in February, after registering a record deficit of 4.21 billion dollars in the prior month, according to the Bank of Korea (BOK).
It marked the first time in 11 years since 2012 that the country recorded the current account deficit for the second consecutive month.
Trade deficit for goods came to 1.3 billion dollars in February, staying in red for the fifth straight month.
Export declined 6.3 percent from a year earlier to 50.52 billion dollars in February, while import gained 4.6 percent to 51.82 billion dollars.
Services account deficit amounted to 2.03 billion dollars in February, turning downward from a surplus of 90 million dollars in the same month of last year.
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The Nation, 09 Apr, 2023