GYMPIE'S multi-million dollar beef industry is likely to follow recent trends, according to an industry expert.

Rural Bank regional manager of agribusiness NSW and Qld John Ellwood said the slight drop in beef prices is not a concern in the long run.

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He explained the main economic driver is the export of beef.

"The domestic trade is always lower than export,” he said.

"The consumer perspective means if the value of export comes back, the domestic market will improve.”

Mr Ellwood said the price of beef has gone through a purple patch over the last 12 months and our beef industry is performing well.

"The latest data I have is December 2016,” Mr Ellwood said.

He said the Gympie region's total annual income generated from beef cattle last year (ending December) was approximately $32.55million, the Kilkivan producers outperformed Gympie with about $37.40million.

Mr Ellwood said the numbers were rough and may not take into account certain factors.

"The value of beef production in the last year has been tremendous based on historical figures,” he said. "It's just been a fantastic time for them, the current indicator, trade cattle is $3 per kilo.”

The key to Gympie's beef industry is its location.

"The Proximity to markets, sale yards in the area, close to the city of course - that south-east Qld growth areas,” he said. "Gympie region certainly has a premium name in the industry.

"It's always been a strong beef producing region, particularly as the number of dairy farmers changed over to beef.”

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He said the prices are high because of dry weather and demand, however if much needed rain was to wet the region, less cattle will be slaughtered as farmers slow production to fatten their stock, meaning prices will plateau.

"If we get good rain, generally the numbers through the saleyards decrease, because the producers hold the cattle back and because the pastures grow, so they want to feed the cattle,” Mr Ellwood explained.

"Farmers hold back cattle because if they put another 30 to 40kgs on them, that's another $120 or $130.”

If dry weather continues, Mr Ellwood said farmers may be forced to sell.

"Cattle drop condition very quickly if the feed situation runs out, then producers will take them to market.”

Pushed for a prediction, Mr Ellwood said the market will likely follow patterns of recent years.

"We may see this trend continue for the next 12 months, not quite at the same rate, but beef will be a really good industry to be in,” he said.