Hopes raised China could soon drop all major restrictions on Australian imports

"I think the banning of Australian exports is a cautionary tale about having all your eggs in one basket and it's really about needing to investigate the options; what's right for your business and what's the right market? What is the right relationship? It's about making sure you balance risk moving forward," Mr Howard said.

Federal Trade Minister Don Farrell has returned from meetings in Beijing, promising to persevere with Chinese Commerce Minister Wang Wentao. Mr Farrell claims he's optimistic of having billions of dollars worth of trade restrictions on items such as barley, wine and lobsters being removed.

Also read:What you should be thinking about as cattle prices drop

Also read: Text-for-help satellite service now available in Australia

He's described talks with China as an important step forward in stabilising the relationship, but he stopped short of saying trade restrictions would disappear immediately.

According to Leigh Howard, farmers should be feeling optimistic that the talks are moving in the right direction.

"The visit has clearly been a good step towards accelerating a lifting of the bans and ensuring that no ambiguity over bans remain. It's a time for Chinese importers and distributors to invest time in developing business relationships with suppliers out of Australia, because they know that, if they put an order in, these goods will actually make it to market," Mr Howard said.

"I'm often asked about diversification; people want to know if the market with China will spring back into life. I get a sense that while exporters will be thankful there are now options to get back into China and get the best price for their products, they need to be cautious about only exporting to China."

Mr Howard claims some of the exporters he's spoken to have said they will continue to send goods to China, but they might cap how much they send to market.

"It's a good idea to continue to explore one or two other markets to make sure you have some alternatives. It's worthwhile for farmers to invest time and energy exploring other relationships in alternative destination markets so they can balance that risk."

"Australian exports have long been a significant factor in our economy and our prosperity, but we now see economic partnerships as a key to also strengthening diplomatic relations with our neighbours in the region. Partnerships are essential to achieving positive, robust relationships built on tangible business ties."

It's hoped China's Foreign Minister Qin Gang will visit Australia in July to continue the discussion towards a possible lifting of the bans by the end of the year.