According to Meat and Livestock Australia, most US buyers continue to purchase product on a short-term basis, concerned about the impact the slowing economy will have on the already sluggish foodservice sector.

The 29pc plunge in the Australian dollar in recent weeks has helped to offset the decline in imported beef prices, resulting in returns to Australian exporters.

MLA says US importers remain optimistic that supplies from both Australia and Uruguay will improve over the remainder of the year, especially with Russian demand reportedly easing.

In Korea, MLA says wholesale prices for Australian product have increased by an average of 500 won (A$0.52) in comparison with last week.

The Korean won hit a 10-year low this Thursday, losing 33pc of its value against the US dollar since the beginning of 2008.

With most trade between Korean importers and Australian exporters conducted in US dollars, Korean traders are hesitant to buy and are forced to sell their stock at a high price.

It was reported that the fluctuations in the US$ have made some Korean traders elect to close new deals in Aussie dollars, which may benefit some Australian exporters gaining currency conversion.

And in Japan, MLA says Australian beef export prices to Japan in US¢/lb terms mostly fell this week, influenced by the sharp drop in the A$, as well as softened demand for frozen beef from other markets.

The lower prices sparked an uplift in buying, though many remained cautious and hesitant to commit for a mid or longer term, due to uncertainties in the trading environment.