Global LNG trade figures for 2023 and early 2024

Every year, the International Gas Union (IGU) publishes its World LNG Report, a comprehensive public source of information on key developments and trends in Liquefied Natural Gas (LNG). According to the 2024 edition of the world LNG report, global LNG trade grew by 2.1% between 2022 and 2023 to about 401.42 million tonnes (MT).

As of April 2023, the global LNG trade was connecting 20 exporting markets with 51 importing markets, including first-time LNG importers Philippines, Vietnam, Iceland, and Cuba.

LNG exports in 2023

Asia-Pacific remained the leading exporting region with 134.80 MT in 2023, despite a 0.32 MT decrease compared to 134.49 MT in 2022. The growth in exports in 2023 was mainly driven by the United States (+8.90 MT), Algeria (+2.88 MT) and Mozambique (+2.62 MT). The US became the largest LNG exporter in 2023, with 84.53 MT.

LNG imports in 2023

Asia-Pacific remained the largest importing region in 2023 with 155.32 MT of total imports (versus 158.78 MT in 2022). Asia Pacific comprises of large LNG importers such as Japan, South Korea, and Chinese Taipei, as well as the medium-sized LNG markets of Thailand, Indonesia, Singapore, and Malaysia.

In 2023, China was the world’s largest LNG importer with 71.19 MT, despite LNG import growth not being as strong as expected upon ceasing of the zero-covid policy.

LNG liquefaction capacity in 2023

In 2023, a total 3.8 million tonnes per annum (MTPA) of liquefaction capacity was brought online to reach a global total of 483.1 MTPA.

Decarbonising along the LNG value chain is a priority for many stakeholders in the industry. Decarbonising the liquefaction segment offers a significant opportunity to minimise lifecycle emissions.  Initiatives include the use of renewable energy sources to power liquefaction operations and the development of carbon capture, utilisation and storage (CCUS).

LNG carriers in 2023 and early 2024

The global fleet grew by 5% from 2022 to 2023, with the delivery of 32 carriers in 2023. There were 701 active LNG vessels at the end of February 2024, including 47 floating storage and regasification units (FSRUs) and ten floating storage units (FSUs).

The full report is available for download on the IGU website.   

For a summary of the LNG global trade in 2022, please read our previous post.