Abstract
This paper updates previous estimates of the global value of using genetically modified (GM) crop technology in agriculture at the farm level. It examined impacts on yields, key variable costs, direct farm income and impacts on production of the main crops where the technology is used. The economic benefits have been significant with farm incomes for those using the technology having increased by $384.9 billion US dollars (1996-2024). This equates to an average farm income gain of $106/hectare. The farm income gains are divided 52% to farmers in developing countries and 48% to farmers in developed countries. Sixty-eight per cent of the gains have derived from yield and production gains with 32% coming from cost savings. These yield and production gains have made important contributions to increasing global production levels of the four main crops, having, for example, added 459 million tonnes and 817 million tonnes respectively to the global production of soybeans and maize since 1996. In 2024, the extra global production of the crops in which GM technology has been used (99 million tonnes), would have, if conventional production systems been used, required an additional 25.5 million ha of land to be planted to these crops. In terms of investment, for each extra dollar invested in GM crop seeds (relative to the cost of conventional seed), farmers gained an average US $4.17 in extra income. In developing countries, the average return was $5.31, and in developed countries the average return was $3.47.