MLA reports that a strong devaluation of the Australian dollar against the Korean won (8.4pc down in last four weeks) may have contributed to more activity.

But it says the market is still experiencing low beef consumption and strong inflation, which is impacting on all facets of the market place.

Korean consumers are experiencing decreasing purchasing power and remain concerned about beef safety, following the adverse reaction to the re-entry of US product.

This has resulted in numerous family and smaller restaurants serving fewer customers, MLA says.

E-mart, one of the major Korean retailers, stated that beef sales in July were down 24pc compared with those of last year and imported beef sales fell 31pc, according to the Korea's JoongAng Daily.

It was reported that a number of Korean importers are having financial difficulties as beef inventories rise, cash flow diminishes and transactions remain low.