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Cocaine overtakes oil as Colombia's biggest export

2026-09-01 13:16:57Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Cocaine overtakes oil as Colombia's biggest export

Illicit cocaine exports have surpassed oil exports for the first time and become Colombia's largest single export product, according to a report by Medellín-based EAFIT University. 

The study estimates that illicit cocaine exports from Colombia in 2024 reached a value of $16.5 billion (about 14.21 billion euros). This amount exceeds the $15 billion (about 12.92 billion euros) generated by the oil industry.

According to the report, this increase confirms Colombia's position as the world's largest cocaine producer, with around 70% of the global supply.

The rapid growth of the illegal drug trade is especially striking when compared to the country's main legal export sectors.

According to EAFIT researchers, coal ranks as the third largest export sector at $7.1 billion (around €6.1 billion). It is followed by legal gold exports at $4.1 billion (around €3.5 billion) and illegal gold mining at $3.6 billion (around €3.1 billion).

Strong increase in cocaine production and weight in the economy

The cocaine trade has expanded rapidly and now accounts for about 4.4% of Colombia's Gross Domestic Product.

Experts warn that over the last decade the illicit economy linked to cocaine has grown from 0.8% of GDP in 2013 to more than 4% in 2024.

Annual cocaine production in Colombia has increased tenfold, from less than 300 tons in 2013 to nearly 3,000 tons in 2024.

Profits increase at every link in the chain

The report explains that profit margins multiply throughout the supply chain.

In rural Colombia, a kilogram of raw coca leaves costs around $468 (around €403). After processing in clandestine laboratories within the country, the value of a kilogram of cocaine hydrochloride rises to around $1,400 (around €1,207).

As Colombian criminal groups expand into international distribution networks, so do their profits. The average export price achieved by Colombian cartels, calculated according to the quantity traded, is almost $5,920 (around €5,100) per kilogram.

In destination markets, such as Europe, the wholesale price can exceed $78,000 (around 67,200 euros) per kilogram.

According to the report, deep involvement in global supply chains enables Colombian criminal organizations to maintain high profit margins generated abroad, further strengthening the dominant role of drug trafficking in Colombia's economy.


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