March 15, 2007

Brazil to earn US$1.13 billion from GM crops
 

Brazil could generate annual revenue of US$1.13 billion (857 million euro) from farming genetically modified (GM) soy bean, corn and cotton, data from the study of Brazilian Seeds Producers Association (Abrasem) showed on March 13, 2007.

According to the study, some 50 percent of Brazilian corn and cotton planted areas could be planted with GM crops. Currently, farming GM corn and cotton is forbidden in the country. On the other hand, GM soy bean planting has been allowed since the 2003/04 crop year. Abrasem estimated Brazil's economies from producing GM soy bean at US$1.3 billion (986 million euro) due to increased productivity and US$1 billion (758.4 million euro) due to reduced production costs.

Higher productivity and reduced production costs are seen to generate annual economies of US$192 million (145.6 million euro) and US$51 million (38.7 million euro) from producing GM corn and cotton, respectively.