According to Meat and Livestock Australia, the data from the US Meat Export Federation shows the value of beef exports for the first seven months of 2008 surpassing imports for the first time since the discovery of BSE in December 2003.

US beef exports in July increased 14pc on 2007 to 85,062 tonnes (carcase weight), with a record July volume being sent to Mexico at 29,963t, valued at US$147 million.

While beef shipments to Korea during July tracked below 2007, it was the highest monthly volume so far this year.

Reports have indicated that the reopening of the Korean market has made an impact on US short rib prices, pushing them higher than a year ago.

MLA says that according to United States Department of Agriculture (USDA) export sales data, US beef exports to Korea are accellerating, with outstanding beef orders at approximately 24,517t (as at 4 September 2008).

Given the increasing strength of the US's Asian export markets, the USDA's recent World Agricultural Supply and Demand Estimates revised forecasts for US beef exports.

Beef exports for 2008 are predicted to finish 28% higher than 2007, with rises also expected in 2009.