Cocaine Becomes Colombia’s Main Export, Surpassing Oil

For the first time, cocaine has overtaken crude oil and become Colombia’s highest-value export product.

Data from a study by EAFIT University in Medellín show that illegal cocaine exports in 2024 reached an estimated value of $16.5 billion. During the same period, oil exports generated around $15 billion.

The shift reflects the rapid growth of the country’s drug economy. Colombia remains the world’s largest cocaine producer and is believed to account for around 70% of the global supply.

Annual production has expanded dramatically, rising from less than 300 metric tons in 2013 to nearly 3,000 tons in 2024. As a result, the cocaine economy now accounts for around 4.4% of Colombia’s GDP, compared with just 0.8% in 2013.

According to the report, the product’s value increases at every stage of the trafficking chain. In rural areas where coca is cultivated, one kilogram of the raw material costs around $468. After processing in illegal laboratories, the price reaches approximately $1,400 per kilogram.

The value rises further once the cocaine leaves Colombia and enters international distribution networks. For Colombian cartels, the average post-export price is estimated at around $5,929 per kilogram, while in European markets the wholesale price can exceed $78,000 per kilogram.

Researchers estimate that the expansion of international distribution networks has enabled Colombian criminal groups to capture an increasingly large share of the profits generated in foreign markets.

After cocaine and oil, coal ranks among Colombia’s exports, with around $7.1 billion. Meanwhile, legal gold exports are worth approximately $4.1 billion.