A Mexican presidential decree set to take effect in 2024 to ban corn imports that have been genetically modified or grown with glyphosate would have severe economic consequences for the U.S. and Mexican economies, according to a study from World Perspectives, Inc.
The study says the move will result in a loss of billions for America’s farmers and higher prices for Mexican consumers. The net economic loss for the U.S. corn industry in the first year of the ban will be $3.56 billion.
The U.S. ethanol industry, including DDGS, will incur a net loss of $521.5 million after accounting for gains from lower GM corn prices.
Overall, the U.S. economy would lose $73.89 billion in economic output.
During a ten-year forecast, the GM corn ban will increase the cost of corn by an average of 19 percent. That will inflate the cost of most foods and other goods for Mexicans. Poultry meat prices will jump by 67 percent because of a 13.7 percent increase in the cost of feed.
Source: NAFB News Service.