Data from the Australian Bureau of Statistics showed that between September 2015 and June 2016, the most recent period available, Australia exported 65.86 billion Australian dollars ($50.72 billion) worth of goods to China, and imported A$51.06 billion worth of goods from the mainland, a trade relationship larger than any Australia holds with other major markets.
Now, that manufacturing boom in China is petering outs and in recent years, the country's growth trajectory has taken a hit as policymakers in Beijing transition China a more services-driven economy.
But experts said China's shift to services economy would take time to materialize, which implied that resources such as iron ore would still remain a key Australian export to China for the foreseeable future.
Meanwhile, Chinese demand for other Australian exports, including agricultural products, food, beverages and wine, has been growing, according to James Laurenceson, deputy director at the Australia-China Relations Institute at the University of Technology, Sydney.
And Bloxham said that there was also growth in Australian services exports to China, including tourism, education and, increasingly, business services.
This broadening scope of trade will likely cushion the eventual slowdown of resources exports to the Chinese mainland.
Australia underlined the importance of its trade relationship with China by signing up to the China Australia Free Trade Agreement (ChAFTA), which came into effect on December 20, 2015, Laurenceson told CNBC, which meant the relationship would be preserved even though China is not party to the U.S.-led Trans-Pacific Partnership agreement, to which Australia is a signatory.