2023-09-16 04:18:56
It is expected that cocaine will replace oil as Colombia’s largest export commodity as soon as this year. Pictured is a coca farm in Colombia. (Bloomberg)
[Financial Channel/Comprehensive Report]As the government of Colombian President Gustavo Petro becomes more relaxed on drug policies, and Colombian oil exports decline in the first half of 2023, cocaine (Cocaine) has grown steadily, and outside expectations , cocaine will replace oil and become Colombia’s largest export commodity.
Bloomberg economist Felipe Hernandez pointed out that Colombia’s cocaine exports are estimated to grow to US$18.2 billion in 2022, only slightly lower than the US$19.1 billion of oil exports. In the first half of 2023, Colombian oil exports It has decreased by 30% year-on-year, but the cocaine trade has grown steadily. It is expected that cocaine will replace oil as soon as this year and become Colombia’s largest export commodity.
Colombian President Pezo has changed the country’s approach to fighting drugs, focusing on targeting exporters who convert coca leaves into drugs, rather than eradicating coca leaf farms as in the past. This has led to a surge in coca leaf production in Colombia in recent years. In 2022, the coca cultivation area increased by 13% annually, reaching a record of more than 230,000 hectares.
Colombia is the world’s largest drug producer, with the country’s cocaine production reaching a record high of 1,738 metric tons in 2022.
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