Colombia is more than just the sum of its coffee and crude oil exports.
The Andean nation has not been completely immune to the slump in oil prices that has undermined other commodity-dependent economies. At the same time, Colombia appears to be successfully navigating the rough shoals of a global economy that's hammering places like Venezuela, its geographic neighbor in the throes of an economic collapse.
Colombia ranks behind Venezuela and Brazil as one of South America's largest oil exporters, the U.S. Energy Information Administration notes, producing about 1 million barrels per day. The worldwide cratering of global crude oil prices has undermined Colombia's public finances, and foreign direct investment took a nearly 26 percent nosedive in 2015 from the previous year, according to state investment agency Procolombia.
Yet partial privatization of the state oil company and solid fundamentals have helped the country withstand the collapse of oil prices better than its battered neighbors, and investors have slowly begun to creep back this year. It's part of a decade-long growth story the World Bank recently called "remarkable," pointing to Colombia's doubling in per-capita incomes and a tenfold rise in foreign investment over that time frame.
"Sectors such as agriculture, construction and tourism had a significant increase," Alejandro Baquero, Colombia-based executive director of Ernst & Young's Transaction Advisory Services, told CNBC.
"Foreign direct investment in the oil and gas industry has decreased 65 percent in the first quarter of 2016, compared to the same period in 2015," Baquero said. "However, overall foreign investment has more than doubled during the same time frame, he added.