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Japan is again the biggest LNG importer in the world

We again witness the reshuffle inside the “G2” of the major liquified natural gas importers. After losing the Number One position in 2021 to China, Japan has gained back the status of the global leader of LNG imports. In 2022, the PRC imported 93.2 bcm of LNG, and Japan – 98.3 bcm, according to the global energy industry review by Energy Institute.

01.07.2023
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Japan is again the biggest LNG importer in the world
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The photo is sourced from «K» Line

At last year end, both countries showed the decrease of LNG imports: Japan – by 3% (i.e., 3 bcm), and China – by 15.2% (i.e., 16.7 bcm). The key driver was the European consumers refocusing on LNG: at the end of 2022, the imports of liquified natural gas to Europe grew by 58% (up to 170.2 bcm), while as “external” pipeline gas supplies (without account of volumes from Norway, Great Britain and the Netherlands) decreased by 35% (i.e., down to 150.8 bcm). It resulted in the LNG share in the mix of external gas imports to Europe in 2022 growing from 32% to 53%, for the first time exceeding the volumes supplied via pipeline (which during the same period fell from 68% down to 47%).

This re-focus of Europe resulted in the growing competition among the consumers for the possibilities of imports build-up, and eventually – in the surge of prices. The average gas price at the main European hub TTF grew from $573 up to $1,342 per kcm, and JKM index reflecting the spot prices dynamics in Japan and South Korea – from $666 up to $1,216 kcm.

This had a negative impact on the accessibility of gas for the developing economies: LNG imports to India decreased by 15.4% (down to 28.4 bcm), to Pakistan – by 20.6% (down to 9.7 bcm), and to the Asian-Pacific Region in general – by 6.5% (down to 347.9 bcm). The central and Latin America countries also decreased their imports: Argentina decreased its LNG imports by 38.8% (down to 2.3 bcm), Brazil – by 77.2% (down to 2.3 bcm), Chile – by 25.1% (down to 3.3 bcm), and all other countries in the region – by 9.1% (down to 5.5 bcm).

Such decrease of gas accessibility impacted the dynamics of gas-fired generation in the developing economies. Electricity generation fueled by natural gas in APR by the end of 2022 decreased by 1.3%, down to 1,474 TW*h), and in Central and Latin America – by 16.6% (down to 237 TW*h). the overall demand for gas – including in industrial and commercial sectors – in these regions in 2022 decreased by 2.3% (down to 907.1 bcm) and by 3.7% (down to 161.7 bcm) respectively.

Tags: ArgentinaBrazilChileChinaDynamicsElectricityGasIndiaJapanLatin AmericaNatural gasNetherlandsNorwayPakistanSouth Korea

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