Japan and South Korea will continue to see their LNG imports decline at the start of 2016 – in contrast with the growth expected elsewhere in the region.
Japan and South Korea have both started 2016 with falling imports – a trend expected to continue throughout the year. Japan’s LNG imports fell to 7.2 mt in January – a 14% drop year on year. In South Korea, LNG imports declined by 18% on an annual basis in January, to 3.4 mt. As gas has struggled to compete in both countries’ power sectors, gas demand and LNG imports have declined. Additionally, the peak winter months were relatively mild, further dampening the need for imports.
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