Cocaine Overtakes Oil to Become Colombia’s Largest Export

Cocaine exports surpassed crude oil sales in 2024 to become Colombia's single largest export, according to a report by Medellin-based EAFIT University.

Key points

• Colombia's annual cocaine production additionally rose dramatically, increasing from fewer than 300 metric tons in 2013 to almost 3, 000 metric tons in 2024.
• The study estimated the value of Colombia's illegal cocaine exports at $16.5 billion in 2024, compared with $15 billion generated by the country's petroleum industry.
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• The report remarked the cocaine trade now represents around 4.4% of Colombia's Gross Domestic Product (GDP).
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For context, the study estimated the value of Colombia's illegal cocaine exports at $16.5 billion in 2024, compared with $15 billion generated by the country's petroleum industry. Cocaine Queen Cleared in Drug Trafficking Case.

According to the researchers, the illicit cocaine trade has grown significantly compared with Colombia's other major export sectors. Coal ranked as the country's third-largest export sector at $7.1 billion, followed by legal gold exports worth $4.1 billion and illegal gold mining estimated at $3.6 billion.

Notably, the report remarked the cocaine trade now represents around 4.4% of Colombia's Gross Domestic Product (GDP). The illegal cocaine economy accounted for approximately 0.8% of GDP in 2013, meaning its share of the national economy has rose sharply over the past decade.

In Colombia's rural growing regions, a kilogram of raw coca leaf is valued at around $468. After being processed into cocaine hydrochloride in illegal laboratories, its value rises to approximately $1, 400 per kilogram.

Colombian criminal groups are additionally increasingly expanding their role in international distribution networks. While wholesale rates in major overseas markets, including Europe, can exceed $78, 000 per kilogram, the volume-weighted average export cost received by Colombian cartels reaches almost $5, 920 per kilogram. Stay Connected with ProPakistani. Obtain the latest international news and global stories wherever you prefer. Follow on Google Discover.

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For now, cocaine Overtakes Oil to Become Colombia's Largest Export remains the part of the story worth watching, and further updates are likely as more details are confirmed.