The main benefit of GM foods is that it lowers the price of food products. One study done by Graham Brookes and colleagues (Brookes et al., 2010) has examined how GM crops have impacted commodity prices, finding that without GM crops, commodity prices would be 2-9 percent higher for most commodities that go into food production. Some of the staple crops in food production are corn, soy and wheat and the study found that these three commodities would have experienced price increases of 5.8 percent, 9.6 percent and 2.7 percent respectively. With food companies having to pay higher commodity prices for the ingredients to food products, consumers would also pay higher prices. Higher food costs would have a negative effect on a country’s economy.
GM crops also have been found to have higher levels of production. Klümper and Qaim (2014) have undertaken an assessment of nearly 150 published studies on the yield impacts of GM crops, finding that there has been a yield increase of 22 percent. This additional yield means that farmers will receive a greater level of income than would have been the case without GM crop varieties, hence contributing to improving the country’s economy.
Brookes, G., T. Yu, S. Tokgoz and A. Elobeid. 2010. The production and price impact of biotech corn, canola, and soybean crops. AgBioForum 13: 25-52. Klümper, W.,and M. Qaim. 2014. A meta-analysis of the impacts of genetically modified crops. Plos One 9: 1: 1–7.