Mexico may soon join a growing list of countries that ban the importation of genetically modified (GM) corn, potentially affecting prices and economies both in that country and in all of North America.
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An economic analysis sponsored by agricultural and biotech organizations across the country and prepared by World Perspectives Inc. of Virginia, was just released by Biotechnology Innovation. The analysis states the proposed ban would adversely affect food security in North America and raise prices for consumers over the next 10 years.
Perhaps the strongest negative waves from a complete ban on GM corn imports by Mexico would be felt in that country and by its people. The report projects GDP for Mexico would fall by $11.72 billion over 10 years, and that economic output would be reduced by $19.39 billion. There would be an annual loss of $56,958 jobs and reduced labor income of $2.99 billion.
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Other areas the report projects would experience negative impacts as a result of such a ban would include: the U.S. Rail Transportation Industry, the U.S. Ethanol Industry, the U.S. corn wet milling industry, future genetic technological innovation, environmental and sustainability goals, dietary needs, and even immigration (here the report noted that the last time an ag transformation of this level took place in Mexico was the Ejido reform in 1992, after which an average of 400,000 Mexicans migrated to the U.S. annually for the next five years).
