A report by the CREA Economics area suggests that the competitiveness of Argentine dairy exports, which had improved after a devaluation in December, could be at risk by mid-year. The report uses the Multilateral Real Exchange Rate Index for Milk Powder to track the relationship between nominal exchange rate variations and inflation in countries trading with Argentina. It also considers the impact of the elimination of export duties for dairy products in October 2023. The report warns that the devaluation effect on prices and the crawling peg exchange rate scheme could begin to deteriorate the competitiveness of Argentine export products. The article also highlights the need for specific policies and actions for long-term competitiveness.