Global LNG Trade Surges: 2024 Exports and Imports Analysis
Over the past three years, global trade in liquefied hydrocarbons (LNG) has been steadily increasing. According to Refinitiv shipping data, total maritime LNG exports rose by 3,6 % in 2023, reaching 144,4 million tons.
In the first eight months of 2024, global LNG exports further increased by 5,2 %, totaling 99,3 million tons compared to 94,4 million tons during the same period last year.
Exports
From January to August 2024, US LNG exports surged by 13,4 % to 43,9 million tons. Conversely, exports from Gulf Cooperation Council (GCC) countries fell by 3,4 % to 26,6 million tons, with contributions of 9,8 million tons from the UAE, 6,7 million tons from Qatar, 4.9 million tons from Saudi Arabia, 3,5 million tons from Kuwait, and 1,5 million tons from Oman. Overall, GCC supplies accounted for 27 % of total global exports.
Exports from Algeria decreased by 8,7 % to 4,0 million tons, while exports from Iran increased by 29,7 %, also reaching 4,0 million tons.
Imports
The primary destination for LNG from January to August 2024 was mainland China, which accounted for 24 % of total global imports. During this period, LNG deliveries to China increased by 13,0 % to 23,6 million tons.
Imports to the European Union (EU) rose by 9,3 % to 14,0 million tons. In India, LNG imports increased by 5,8 % to 12,9 million tons, while imports to Japan decreased by 4,5 % to 6,5 million tons during the same period. South Korea saw an 8,0 % rise in imports to 5,5 million tons, whereas Indonesia experienced a 4,2 % decline to 4,3 million tons. Turkey’s LNG purchases dropped by 6,8 % to 2,5 million tons.
European Union
The EU is now the second-largest importer of LNG globally, following China, accounting for 14,1 % of total world volumes during the first eight months of the year. While LNG imports to the EU rebounded by 9,3 % to 14,0 million tons in January to August 2024, this has not yet compensated for the 14,3 % decline seen during the same period in 2023.
Among individual countries, the Netherlands and Belgium led imports, each with 2,6 million tons, followed by France with 2,0 million tons, Spain with 1,3 million tons, Sweden and Italy with 1,2 million tons each, and Poland with 0,7 million tons.
In total, 20,7 % of the LNG volumes imported into the EU were transported on Very Large Gas Carriers (VLGCs) (70 million cubic meters), 6,7 % on Large Gas Carriers (LGCs) (25-70 thousand cubic meters), 35,8 % on Medium Gas Carriers (MGCs) (13-25 thousand cubic meters), and 36,8 % on Small Gas Carriers (SGCs) (0-13 thousand cubic meters).
In recent years, the primary supplier of LNG to Europe has been the United States, which accounted for 39,2 % of the EU’s imports. In the first eight months of 2024, US LNG exports to the EU rose by 16,4 % to a record 5,5 million tons.
LNG shipments from Norway to the EU also increased by 6,6 % to 2,2 million tons. In contrast, exports from the UK fell by 1,1 % year-on-year to 1,1 million tons. Algerian exports grew by 1,2 % to 1,8 million tons. Meanwhile, LNG imports from Turkey to the EU surged to 0,4 million tons, representing a 56,9 % increase, while supplies from Russia decreased by 20,3 % to the same 0,4 million tons.
