Cocaine is set to become Colombia's top export this year, edging out oil products, according to a note from Bloomberg Economics. Revenue derived from Colombia's cocaine business is nearing $20 billion, ahead of the country's $19.1 billion in 2022 oil exports. Cocaine production in Colombia is at its highest level since 1991 amid lenient policies from Colombian President Gustavo Petro. Fast forward to 2022, and Colombia's cocaine industry generated an estimated $18.2 billion in export revenues, just behind oil export revenue of $19.1 billion. With the country's oil exports dropping 30% in the first half of this year, and its cocaine industry still growing steadily, Bloomberg estimates that 2023 will be the year when Colombia's cocaine revenues outpace revenues from oil.

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Persons: Gustavo Petro, Felpi Hernandez, That's, Hernandez Organizations: Bloomberg Economics, Get, Service, Bloomberg Locations: Colombia, Colombian, Wall, Silicon