The country's direct investments overseas hit a record high in the first quarter. 

According to the Ministry of Economy and Finance on Friday, total investments abroad topped 25-point-four billion U.S. dollars in the first three months of the year, up 123-point-nine percent from a year earlier. 

It marks the largest first quarter figure since 1968 when the nation started compiling related data.  

The ministry said the sharp increase is attributed to a drop in economic uncertainties with the slowdown in COVID-19 and the base effect, as figures for the same period of 2020 and 2021 were significantly lower amid a global pandemic. 

The manufacturing sector soaked up the lion's share of overseas investments with nine-point-five billion dollars, followed by insurers and financial companies, as well as those in real estate and information and telecommunication.  

The United States was the Number one destination for South Korea's direct overseas investment, with eight-point-73 billion dollars, followed by China, the Cayman Islands and Luxembourg.