Cocaine exports became Colombia’s largest export category in 2024, surpassing crude oil sales, according to a study by EAFIT University.
The Medellin-based university estimated that Colombia’s illegal cocaine exports were worth around $16.5 billion in 2024.
This was higher than the approximately $15 billion generated by the country’s petroleum industry during the same year.
The study highlights the growing scale of Colombia’s illegal cocaine economy compared with several major legal export sectors.
Coal ranked as Colombia’s third-largest export sector, generating around $7.1 billion in 2024.
Legal gold exports were valued at approximately $4.1 billion, while illegal gold mining generated an estimated $3.6 billion.
Researchers estimated that the cocaine economy represented around 4.4 percent of Colombia’s Gross Domestic Product (GDP) in 2024.
The figure marks a significant increase compared with 2013, when the illegal cocaine economy accounted for approximately 0.8 percent of GDP.
Colombia’s annual cocaine production also increased sharply during the period covered by the study.
Production rose from fewer than 300 metric tons in 2013 to nearly 3,000 metric tons in 2024.
The report also examined the increase in value as coca is processed into cocaine.
Researchers estimated that one kilogram of raw coca leaf is worth around $468 in Colombia’s rural growing regions.
After processing into cocaine hydrochloride in illegal laboratories, its value rises to approximately $1,400 per kilogram.
Criminal groups involved in Colombia’s cocaine trade are also expanding their role in international distribution networks.
The study estimated that the volume-weighted average export price received by Colombian criminal groups reaches nearly $5,920 per kilogram.
Wholesale prices in major overseas markets can be considerably higher.
In Europe, for example, wholesale cocaine prices can exceed $78,000 per kilogram, according to the report.
The findings underline the enormous financial scale of Colombia’s illicit drug economy.
The growth of cocaine production also presents major challenges for Colombian authorities and communities in rural areas where coca cultivation takes place.
The report shows that the illegal economy has expanded significantly over the past decade and now represents a substantial share of Colombia’s overall economic activity.
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