Any political tensions between Australia and China have not been borne out in trade – Australia's share in the value of exports to China reached a record 38 per cent or $117 billion – more than any other country – according to new analysis.

The rapid increase in Australia's share has been driven by higher iron ore prices. However, research by the Australian National University shows that this has not just been owing to a supply shock from Brazil's Vale dam disaster but also to China increasingly looking overseas to fulfil its thirst for commodities.