Asia Pacific: Trade
Total LNG import growth in Northeast Asia will be driven up by China over the coming months.
China’s LNG boom is expected to continue in Q4 as strong demand growth is driving up the need for imported volumes. China’s LNG imports rose by 39% on an annual basis in August, but this is comparatively moderate growth compared with the 94% jump seen in July. The increase in imported volumes was fuelled in part by cargoes from Australia, which increased by 36% year on year and accounted for 49% of the LNG taken by China during the month. Significant increases in Qatari shipments – which rose by 150% on an annual basis in August – also supported the rise in LNG imports. China’s LNG imports will continue to grow during the latter part of the year as Beijing rolls out further gasification policies aimed at replacing coal with gas.