Illegal cocaine exports overtook crude oil sales in 2024 to become Colombia’s largest single export, according to a study by EAFIT University in Medellín.
Researchers estimate that Colombia’s illegal cocaine exports generated $16.5 billion in 2024, exceeding the $15 billion generated by the country’s oil industry.
The figures highlight Colombia’s position as the world’s leading cocaine producer, accounting for almost 70% of global supplies, according to the study.
Cocaine now stands out among Colombia’s major export sectors. Coal ranked as the country’s third-largest export pillar, generating $7.1 billion, followed by legal gold exports at $4.1 billion and illegal gold mining at $3.6 billion.
The cocaine trade accounted for almost 4.4% of Colombia’s GDP in 2024. Researchers warn that the illicit cocaine economy has expanded dramatically over the past decade, rising from around 0.8% of GDP in 2013 to more than 4% in 2024.
Colombia’s annual cocaine production also increased tenfold during the same period, rising from less than 300 metric tonnes in 2013 to almost 3,000 tonnes in 2024.
The EAFIT study examines how profit margins increase sharply as cocaine moves through the international trafficking chain.
In Colombia’s rural production regions, where coca is cultivated, a kilogram of coca leaves costs around $468. After processing in clandestine domestic laboratories, the value of a kilogram of cocaine hydrochloride rises to approximately $1,400.
The value increases further as Colombian organised crime expands its access to international distribution networks. The study estimates that Colombian cartels receive an average volume-weighted price of almost $5,929 per kilogram at export, while wholesale prices in destination markets such as Europe can exceed $78,000 per kilogram.
Researchers say the criminal groups’ growing integration into global supply chains allows them to capture substantial profits generated outside Colombia, further strengthening the role of drug trafficking within the country’s illicit economy.
