Illegal cocaine exports generated an estimated $16.5 billion in 2024, surpassing Colombia’s crude oil exports and making cocaine the country’s largest single export sector by value, according to a study by Medellin-based EAFIT University.
The research estimated that Colombia’s petroleum industry generated around $15 billion in exports during the year, while the country’s illicit cocaine trade was valued at approximately $16.5 billion.
Cocaine Trade Outpaces Major Legal Exports
The study found that the value of Colombia’s cocaine exports exceeded several major legal export industries.
Coal ranked as the country’s third-largest export sector at approximately $7.1 billion, followed by legal gold exports worth $4.1 billion. Illegal gold mining generated an estimated $3.6 billion during the same period.
Researchers said the growing cocaine economy has become increasingly significant to Colombia’s overall economy.
According to the report, the illicit cocaine trade accounted for around 4.4% of Colombia’s GDP in 2024, compared with approximately 0.8% in 2013.
Colombia’s Cocaine Production Surges
The report also highlighted a sharp increase in Colombia’s cocaine production over the past decade.
Annual production rose from fewer than 300 metric tons in 2013 to nearly 3,000 metric tons in 2024, reflecting the expansion of coca cultivation and cocaine processing in the country.
The researchers also examined the increase in value as coca products move through the illicit supply chain.
In Colombia’s rural coca-growing regions, a kilogram of raw coca leaf is estimated to be worth about $468. After processing into cocaine hydrochloride in clandestine laboratories, its value rises to approximately $1,400 per kilogram.
Colombian Cartels Expand International Reach
The study said Colombian criminal organizations are increasingly involved in international cocaine distribution networks.
The volume-weighted average export price received by Colombian criminal groups was estimated at nearly $5,920 per kilogram. By comparison, wholesale prices in major overseas markets, including Europe, can exceed $78,000 per kilogram.
The large difference between prices at the point of export and overseas wholesale markets highlights the substantial value generated further along the international illicit drug supply chain.
The findings underline the growing economic scale of Colombia’s illegal cocaine industry, which has expanded significantly in both production and international trade despite efforts by authorities to combat drug trafficking and coca cultivation.
