Cocaine Trade Estimated to Surpass Oil as Colombia’s Top Export Sector
Colombia’s illegal cocaine trade was estimated to have generated more export value than crude oil in 2024, according to a study by Medellin-based EAFIT University.
The report estimated the value of cocaine exports at around $16.5 billion in 2024, compared with approximately $15 billion in petroleum exports.
The figures highlight the growing scale of Colombia’s illicit drug economy compared with several major legal export industries.
Cocaine Trade Accounts for Growing Share of Economy
According to the study, coal was Colombia’s third-largest export sector, generating around $7.1 billion. It was followed by legal gold exports at $4.1 billion and illegal gold mining, estimated at $3.6 billion.
Researchers estimated that the illegal cocaine economy accounted for approximately 4.4% of Colombia’s GDP in 2024.
That represents a substantial increase from 2013, when the sector was estimated to account for about 0.8% of the country’s GDP.
The study also reported a sharp increase in annual cocaine production. Colombia’s estimated output rose from less than 300 metric tons in 2013 to nearly 3,000 metric tons in 2024.
Large Price Differences Across the Supply Chain
The report noted significant differences in the value of coca-related products at various stages of the supply chain.
In rural growing areas, a kilogram of raw coca leaf was valued at around $468. After processing, the estimated value of cocaine hydrochloride increased to approximately $1,400 per kilogram.
Colombian criminal organizations have also expanded their involvement in international distribution networks.
The study estimated that the average export price received by Colombian criminal groups was close to $5,920 per kilogram, while wholesale prices in some overseas markets, including Europe, could exceed $78,000 per kilogram.
The researchers said the findings demonstrate the increasing economic scale of Colombia’s illicit cocaine market and its growing impact on the country’s wider economy.
