Cocaine exports surpassed crude oil sales in 2024 to become Colombia’s single largest export, according to a report by Medellin-based EAFIT University.
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.
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.
The report said 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 increased sharply over the past decade.
Colombia’s annual cocaine production also rose dramatically, increasing from fewer than 300 metric tons in 2013 to nearly 3,000 metric tons in 2024.
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 also increasingly expanding their role in international distribution networks. The volume-weighted average export price received by Colombian cartels reaches nearly $5,920 per kilogram, while wholesale prices in major overseas markets, including Europe, can exceed $78,000 per kilogram.
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