Global LNG Trade Soars: U.S. Emerges as Leading Exporter in 2023

In 2023, global LNG trade grew by 3.1%, spurred by expanded capacity and rising demand. The U.S. became the world's top LNG exporter, with Asia and Europe leading import growth. Key contributors included new projects in Mozambique, Russia, and enhancements in the U.S., India, and China.

Liquefied natural gas (LNG) trade surged by 3.1% globally in 2023, averaging 52.9 billion cubic feet per day (Bcf/d), reports the International Group of Liquefied Natural Gas Importers (GIIGNL). Expanded export and import capacity, coupled with increasing natural gas demand, underpinned the growth.

According to the US Energy Information Administration (EIA), LNG export capacity saw substantial developments in the United States, Mozambique, Russia, Indonesia, Norway, and Oman. The United States resumed operations at Freeport LNG in early 2023, contributing significantly to its 12% increase in exports, making it the world's largest LNG exporter.

Asia and Europe led the surge in LNG imports. China, now the world's largest LNG importer for the second consecutive year, saw a 12% increase in imports. New regasification capacities in India, the Philippines, and Vietnam also boosted Asia's import figures. Meanwhile, Europe expanded with new terminals and existing capacity enhancements in Germany, the Netherlands, Italy, and Finland.

(With inputs from agencies.)