Cocaine overtakes oil as Colombia’s biggest single export, study says

Illegal cocaine exports have overtaken crude oil sales to become Colombia’s largest single export, according to a study by EAFIT University in Medellín. The finding points to the rapid expansion of the country’s illicit drug economy.

The study estimates the value of Colombia’s cocaine exports at $16.5 billion in 2024, compared with $15 billion for the oil industry. Coal ranked as the country’s third-largest export pillar at $7.1 billion. Legal gold exports were valued at $4.1 billion, while illegal gold mining generated an estimated $3.6 billion.

Cocaine trafficking represented nearly 4.4% of Colombia’s gross domestic product in 2024. Researchers said the share of the illicit economy had risen from 0.8% of GDP in 2013 to more than 4% a decade later. Annual cocaine production also increased tenfold, from fewer than 300 metric tons to almost 3,000 metric tons.

The study described sharply rising profit margins along the smuggling chain. In rural Colombian growing areas, a kilogram of coca leaves costs about $468. After processing in domestic laboratories, a kilogram of cocaine hydrochloride is worth about $1,400. Colombian cartels receive an average export price of $5,929 per kilogram, while prices in destination markets such as Europe can exceed $78,000. The study attributed the large overseas margins to the strong integration of Colombian criminal groups into international distribution networks.