Bloomberg Economics predicts that cocaine is on track to surpass oil as Colombia's primary export.

The Colombian government has adopted a more lenient drug policy, leading to an expansion in drug production. In 2022, cocaine exports were estimated to be worth $18.2 billion.

During the first half of this year, oil exports saw a 30% decline. Bloomberg economist Felipe Hernandez anticipates that by the end of 2023, cocaine could become Colombia's top export.

The production of cocaine in South American countries like Peru and Bolivia has also seen a significant increase, especially during the economic crisis triggered by the 2020 coronavirus pandemic.

According to the United Nations drug agency UNODC, Colombia's estimated potential coca production surged by 24% to 1,738 metric tons between 2021 and 2022. Coca serves as the primary ingredient for cocaine.