BOGOTA, Nov 18 (Reuters) - Foreign direct investment in Colombia’s oil and mining sector rose 0.7 percent to $1.05 billion in October, compared with the year-ago month, despite a global decline in crude prices and fears of a drop in oil revenue, preliminary figures from the central bank showed on Tuesday.
Revenue from oil, Colombia’s biggest export and a main driver of growth in the $380 billion economy, has been hit by the fall in prices as well as attacks on infrastructure by Marxist rebels.
Data released in August indicated that foreign investors might be turning away from the energy sector toward financial assets. Foreign investment in portfolio assets from January to July totaled $8.54 billion, a 161 percent increase from the same period in 2013.
Across all sectors, foreign investment contracted by 9.8 percent in October to $1.17 billion, though investment in portfolio assets was up 23.9 percent to $775.4 million compared with the same period in 2013.
Foreign investment in other sectors fell 52 percent year-on-year to $124.2 million, the bank’s figures showed.
Between January and October, foreign direct investment fell 6.26 percent to $13.1 billion, due mostly to a 3.17 percent decline in oil and mining inflows to $10.9 billion.
However, portfolio investment during the first 10 months of the year grew 125.3 percent year-on-year to $10.7 million, due to JP Morgan raising its weighting of Colombian government bonds. (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Dan Grebler)