Tight credit for Russian beef importers, volatility of the rouble and dearer and tight beef supplies from South America, in contrast, contributed to Russian beef imports falling 2pc in 2008-09, to 704,436 tonnes swt, compared with those of the previous year.

Beef import prices inside Russia soared by 40pc, to $US3,618/tonne in 2008-09.

Meat and Livestock Australia (MLA) says this was mainly due to the downward movement of the local currency, in addition to lower local and imported beef supplies.

The outlook for Russian imports remains uncertain, with the local authorities struggling to increase local beef production through government subsidies, as the profitability within the beef industry remains low.

Beef production in Russia has declined 250pc since 1999, with per capita consumption falling from 31kg to 17kg during the period.

In contrast, pork and poultry production continues to rise, due to increased import restrictions and government support, although at a lower rate than consumption.