The country’s oil exports dropped by nearly a third in the first half of the year while its cocaine exports are expected to outperform a record set in 2022, Bloomberg reports.

Last year, Colombia’s oil exports were worth $19.1 billion (around £15.4bn) while cocaine exports were estimated at $18.2bn (around £14.7bn).

The UN estimates that 1,738 tonnes of cocaine was produced in Colombia in 2022, with 13% of the country’s land used for growing coca.

Bloomberg economist Felipe Hernandez said: “The government is destroying laboratories where coca leaves are manufactured into cocaine, but that hasn’t prevented production from expanding.”