Colin Davis via Unsplash Cocaine is set to overtake oil to become Colombia’s main export as a result of far-left President Gustavo Petro’s lenient drug policies, according to a report published by Bloomberg on Thursday.
The report follows a warning from the United Nations Office on Drugs and Crime (UNODC) that the amount of coca being grown in Colombia and the nation’s potential cocaine output have reached their highest levels in more than two decades.
Bloomberg compared the dramatic increase in Colombian cocaine production with a marked 30-percent drop in Colombian oil exports during the first half of 2023. Bloomberg economist Felipe Hernandez warned that if the trend indicates cocaine could become Colombia’s top export “as soon as this year.”
“We estimate cocaine export revenues jumped to $18.2 billion in 2022 — not far behind oil exports of $19.1 billion last year,” Hernandez said in the report. “The government is destroying laboratories […]
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