On 29 August 2011, the Federal Administration of Public Revenue (AFIP) issued General Resolution 3173 decreasing the reference values applicable to powdered milk for export to certain countries.
 
The following Mercosur Nomenclature (NCM) codes are affected:

• Powdered milk (NCM 0402.21.10), in cans, with a net weight of less than or equal to 2kg: USD 4.35 per kg (before USD 4.74 per kg)
• Powdered milk (NCM 0402.21.10), not canned, with a net weight of less than or equal to 2kg: USD 3.98 per kg (before USD 4.34 per kg)
• Powdered milk (NCM 0402.21.10), with a net weight of more than 2kg: USD 3.62 per kg (before USD 3.95 per kg)

 
The measure also introduces one new item:

• Modified powdered milk (NCM 1901.90.90): USD 3.62 per kg

 
Argentina introduced reference values of precautionary nature for exportgoods in 2005. The stated purpose is to safeguard the revenue derivedfrom the payment of export duties (WTO Trade Policy Review). The values are based on free on board (FOB) prices in USD. A list with all current reference prices can be consulted under: www.afip.gob.ar/Aduana/valoracion/Valores%20Referenciales%20vigentes.pdf
 
The export-related reference values took effect on 6 September 2011 and were replaced by new prices stipulated in General Resolution 3223/2013 on 24 November 2011 (see Related Measures).