Workers wearing uniforms are seen in front of a cargo vessel at the port in Ningbo, Zhejiang Province, May 13, 2014. China is increasing its support for its wobbly trade sector with a raft of new measures that include giving more tax breaks, credit insurance and currency hedging options to its exporters. Picture taken May 13, 2014. REUTERS/Stringer (CHINA - Tags: BUSINESS MARITIME)
China was the largest trading partner of Australia in 2013 when Canberra exported $102 billion worth of products and services.
The shipments to China was bigger than its exports to the next top four nations combined - Japan at $50 billion, South Korea $21 billion, the U.S. 16 billion and India $11 billion.
But with imports of only $49 million from China, Beijing actually incurred a $53-billion trade deficit with Australia, but the two-way trade exceeded $150 billion for the first time.
Australia has been negotiating the past nine years for a free trade agreement with China. The deal is expected to be inked by the end of 2014.
Besides China, Australia had ratified an agreement with South Korea and is in the final stages of reaching a deal with Japan, which is an acknowledgment from Australia that the coming decades would be the Asian century.