Education is set to become an even more important export as commodity prices fall.
It is already Australia's fourth biggest export in dollar terms, behind iron ore, coal and natural gas.
But services exports like education will play a bigger role in the economy, following the plunge in iron ore prices, according to a report by global financial services giant HSBC.
One in four overseas students in Australia are from China, which is also a major buyer of Australian commodities.
"Importantly, a pick-up in demand for services is also more likely to create jobs than the mining boom," HSBC chief economist Paul Bloxham's co-authored report said.
"Services exports are a generally underappreciated part of Australia's export basket."
Services account for 18 per cent of all exports, and include education, tourism and business services.
They were worth $59 billion in 2014, marginally behind iron ore's $66 billion.
A weaker Australian dollar and simplified student visa requirements would boost foreign demand for education, HSBC said.
"The ongoing rise in Asian middle class incomes ... is making studying in Australia more affordable for a larger group of students," it said.
Profits from services exports are also more likely to stay in Australia than those from the mining sector, which is estimated to be 80 per cent foreign owned.
AUSTRALIA'S EXPORT PIE
* Resources, 56pct
* Services, 18pct
* Rural goods, 12pct
* Manufactured goods, 10pct
* Other, 4pct
(Source: HSBC analysis of Australian Bureau of Statistics data)
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