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STUDY SHOWS MEXICO'S BAN ON GM CORN WOULD COST U.S. PRODUCERS $3.56 BILLION
Oct. 4, 2022
Agri-Pulse reports:
The economic consequences of Mexico following through on a presidential decree to ban genetically modified corn in 2024 would have severe economic ramifications for the U.S. and Mexican economies, resulting in billions of dollars in losses for U.S. farmers and much higher food prices for Mexican consumers, according to a study by World Perspectives Inc.
To read the report click here.
Mexican officials have said the decree would only impact corn for food, downplaying the impact on U.S. exports of corn that primarily goes into animal feed. But the report's authors say the decree is too vague to make that assumption and their research is based on a complete ban.
The U.S. corn sector would see an economic loss of $3.56 billion in the first year of the ban, rising to $5.56 billion in the second year, according to the study. In Mexico, the average price of tortillas would rise by 16% and the cost of meat would increase as production declined in response to less available feed.
"The U.S.-Mexico trading partnership has contributed greatly to the food security and economic vitality of both countries," said National Corn Growers Association President Chris Edgington. "That's why we should do everything possible to ensure that the relationship continues in a fair and mutually beneficial way."
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