BAKU, Azerbaijan, January 19. In December 2024, LNG imports in the Asia-Pacific region fell by 2.7% year-on-year to 25.60 million tons, according to the Gas Exporting Countries Forum (GECF), Trend reports.
This marked the region's only decline in LNG imports for the year, driven by mild winter temperatures, robust LNG storage levels, and elevated spot LNG prices.
China, Japan, and South Korea led the downturn in demand. China’s imports declined due to surging spot prices, mild weather, and high inventory levels. In Japan, colder-than-average temperatures were offset by increased nuclear power availability and sufficient LNG reserves, leading to reduced imports. Similarly, South Korea’s LNG demand waned as coal and nuclear power generation rose, coupled with substantial LNG stocks.
In contrast, several countries in the region experienced growth. Bangladesh increased LNG imports through spot market purchases. Indonesia saw a rise in imports fueled by stronger intra-country LNG trade. Singapore recorded higher LNG imports due to reduced pipeline gas supplies and growing demand for LNG bunkering.
The GECF noted that these shifts in LNG import patterns highlight the influence of weather conditions, energy pricing, and alternative energy sources on regional gas markets.
