Colombia’s thriving cocaine industry is set to surpass oil as the country’s top export this year, thanks to lenient drug production policies and the government’s inability to effectively combat the issue, according to an analysis by Bloomberg Economics. The estimated revenue from cocaine exports is expected to reach a staggering $18.2 billion in 2022, just shy of the $19.1 billion earned from oil exports last year. Despite the government’s efforts to shut down cocaine laboratories, production has continued to expand unchecked.
Last year, Colombia exported over 1,700 tons of cocaine, nearly double the amount from the previous year. In contrast, oil exports have plummeted by 30% in the first half of 2023. This alarming increase in cocaine production is a direct consequence of President Gustavo Petro’s misguided policy shift. Instead of targeting coca leaf producers, Petro has instructed law enforcement agencies to focus on major drug lords involved in international trafficking. In a laughable attempt to reduce drug-related violence, Petro has even expressed a desire to hold talks with the primary cocaine exporters.
Unsurprisingly, this policy shift has backfired spectacularly. A recent report by the UN Office on Drugs and Crime revealed a 13% growth in the land used for coca plant cultivation, which is illegal in Colombia. Approximately 230,000 hectares (570,000 acres) of Colombian land are now devoted to growing coca plants, thanks to Petro’s ill-conceived strategy. This increase in available crops has naturally led to a surge in production, further fueling the country’s cocaine epidemic.
The consequences of Colombia’s booming cocaine industry are not limited to its borders. In August, Spanish authorities intercepted a massive shipment of 9.5 tons of cocaine from Ecuador, which shares a border with Colombia. The drugs, cleverly disguised as frozen bananas, were intended to supply 30 European drug rings. This incident is just one example of the international ramifications of Colombia’s drug problem.
It is clear that the Colombian government’s attempts to combat cocaine production and trafficking have been woefully inadequate. The lenient policies and misguided priorities of President Petro have only exacerbated the issue, leading to an alarming increase in cocaine exports. As the nation’s top export, it is evident that the Colombian government’s focus and resources are sorely misplaced.
