GECF: LNG imports jump in May

Last month, global LNG imports increased by 2.25 Mt year-on-year to 34.75 Mt, marking a y-o-y increase for the fourth consecutive month of annual growth, Doha-based GECF said.

According to GECF, Europe continued to drive the growth in global LNG imports, followed by a smaller contribution from the MENA region, while Asia Pacific’s LNG imports remained subdued.

The stronger netback for US LNG delivered to Europe, compared to Asia Pacific, along with weak LNG demand in the Asia Pacific region, supported the continued strong flow of US LNG into Europe.

From January to May 2025, global LNG imports totalled 181.66 Mt, reflecting a y-o-y increase of 4.2 percent (7.36 Mt), primarily driven by higher European imports, GECF said.

European LNG imports continue to increase

In May 2025, Europe’s LNG imports surged by 29 percent (2.30 Mt) y-o-y to 10.24 Mt but was still below the May 2023 level, according to GECF.

The increase was driven by a combination of lower pipeline gas imports, strong demand for gas injection into storage, and declining domestic gas production.

GECF said the sustained convergence of spot LNG prices between Asia Pacific and Europe also supported the continued influx of US LNG into the region.

Belgium, Italy, France, the Netherlands, Spain, and Lithuania were the main contributors to the rise in Europe’s LNG imports.

From January to May 2025, Europe’s LNG imports stood at 57.90 Mt, representing a strong
increase of 23 percent (10.93 Mt) y-o-y, GECF said.

The increase in Belgium’s LNG imports was driven by stronger gas injection into storage and higher pipeline gas exports to Germany and the Netherlands.

In France and Italy, increased storage injection and rising pipeline gas exports to neighbouring countries supported the growth in LNG imports.

Additionally, a decline in pipeline gas imports contributed to the stronger LNG inflows into Italy, with monthly LNG imports reaching a record high, GECF said.

In the Netherlands, the rise in LNG imports was attributed to lower domestic gas production, increased storage injection, and higher pipeline exports to Germany.

Spain saw a boost in LNG imports due to stronger gas consumption.

Furthermore, Lithuania’s LNG imports rose as the Klaipeda FSRU operated at full capacity, compared to the previous year when it was offline for maintenance, GECF said.

Asia Pacific LNG imports drop

GECF said that LNG imports in the Asia Pacific region declined for the seventh consecutive
month, falling by 3.4 percent (0.76 Mt) y-o-y to 21.84 Mt.

Weak LNG imports in China continued to drive the region’s decline, while India also recorded a sharp drop in imports.

In contrast, South Korea and Taiwan saw significant increases in their LNG imports.

Between January and May 2025, Asia Pacific’s LNG imports fell by 4.2 percent (5.01 Mt) y-o-y to
112.90 Mt.

In China, rising domestic gas production, increased pipeline gas imports and weak gas demand in the residential and industrial sectors led to a decline in LNG imports, GECF said.

India’s LNG imports also fell, driven by ample inventories and reduced gas demand due to the earlier onset of the monsoon season.

Conversely, South Korea’s LNG imports rose as the country began restocking ahead of the summer season.

In Taiwan, stronger gas demand in the power sector, supported by the phase-out of nuclear energy, boosted LNG imports.

Latin America and MENA

LNG imports in the Latin America & the Caribbean region declined slightly by 7.6 percent (0.08 Mt) y-o-y, reaching 1.03 Mt.

GECF said Argentina led the decline in LNG imports, followed by a smaller drop in the US Virgin Islands, while Panama recorded a sharp increase.

From January to May 2025, LAC’s LNG imports fell by 16 percent (0.97 Mt) y-o-y to 4.98 Mt.

In Argentina, rising domestic gas production has reduced the country’s reliance on LNG imports to meet its domestic demand.

GECF said the drop in LNG imports in the USVI was attributed to the cessation of LNG re-exports to Puerto Rico following the start of regular direct exports from the US to Puerto Rico.

Furthermore, the recent start of LNG bunkering in Panama has boosted its LNG imports.

On the other hand, the MENA region’s LNG imports surged by 94 percent (0.79 Mt) y-o-y, reaching 1.64 Mt, driven mainly by Egypt and Kuwait.

Between January and May 2025, the MENA region’s LNG imports doubled, increasing by 2.65 Mt to reach 5.34 Mt, GECF said.

Increased LNG imports in Egypt have compensated for declining domestic gas availability to meet the its gas demand.

Furthermore, higher gas demand has boosted Kuwait’s LNG imports, GECF said.

LNG exports climb

GECF said that global LNG exports continued to grow sharply, rising by 8 percent (2.61 Mt) y-o-y to reach 35.13 Mt.

This marked the 10th consecutive monthly year-on-year increase in LNG exports.

Higher LNG exports from both GECF and non-GECF countries drove the overall growth, offsetting a decline in LNG re-exports.

Between January and May 2025, global LNG exports increased by 5 percent (8.67 Mt) y-o-y to reach 180.91 Mt, primarily supported by non-GECF exporters, while exports from GECF countries and LNG re-exports grew to a lesser extent, GECF sad.

Non-GECF countries were the largest LNG exporters globally in May 2025, with a market share of 54 percent, followed by GECF countries at 45.9 percent and LNG re-exports at 0.1 percent.

Compared to May 2024, the market shares of non-GECF and GECF countries increased from 53.6 percent and 45.6 percent, respectively, while the share of re-exports declined from 0.8 percent.

GECF said that the US, Qatar, and Australia were the top three LNG exporters in May 2025, respectively.