GECF: January LNG imports second-highest ever

Last month, global LNG imports decreased by 0.3 percent year-on-year to 38.85 Mt, Doha-based GECF said.

GECF said this represents the second-highest monthly LNG import volume ever recorded, with January 2024 holding the top spot.

The Asia Pacific and North America regions drove the decline, which was partially offset by higher imports in Europe and the MENA region, it said.

GECF said the TTF price maintained a substantial premium over North East Asia (NEA) spot LNG price, favoring the delivery of US LNG to Europe rather than the Asia Pacific.

Compared to December 2024, global LNG imports rose by 0.73 Mt m-o-m, supported by stronger imports across all regions except the Asia Pacific.

European LNG imports rise for first time since June 2023

In January 2025, European LNG imports rose by 8.4 percent (0.93 Mt) year-on-year to reach 12.03 Mt, marking the region’s first year-on-year increase since June 2023 and the highest monthly imports since April 2023, GECF said.

This increase was driven by reduced pipeline gas imports, primarily due to the non-renewal of the Russia-Ukraine transit agreement, and higher gas demand for heating during colder-than-average weather, it said.

At the country level, significant increases in LNG imports were recorded in France, Greece, Italy, Lithuania, Poland, Spain, and Türkiye, offsetting declines in Germany and the UK.

In France, the rise in LNG imports was primarily due to reduced pipeline gas supplies from Norway.

Greece saw an increase in LNG imports due to higher gas consumption and its position as one of the most profitable netback markets for US LNG, GECF said.

Italy’s imports rose as a result of increased gas consumption and reduced pipeline gas imports from Russia.

Lithuania’s higher LNG imports were linked to increased pipeline gas exports to Latvia, while Poland’s growth in LNG imports was due to a decline in pipeline gas supplies from Russia.

Similarly, Spain and Türkiye attracted more US LNG cargoes by offering among the highest netbacks in Europe. GECF said.

In contrast, Germany experienced a decline in LNG imports as the higher operational costs of its LNG import terminals reduced their competitiveness in attracting spot LNG cargoes, it said.

Additionally, an increase in pipeline gas imports from Norway contributed to a reduction in the UK’s LNG imports.

Asia Pacific LNG imports down

In January 2025, LNG imports in the Asia Pacific region dropped by 5 percent (1.31 Mt) year-on-year to 24.73 Mt, marking the third consecutive monthly decline in year-on-year imports, GECF said.

This decrease was driven by weak spot LNG demand, resulting from mild winter weather in some countries and high spot LNG prices, as well as a negative NEA spot LNG-TTF price spread, the organization said.

The decline was led by lower imports in China, India, Singapore, and South Korea, partially offset by increased imports in Bangladesh, Indonesia, and Japan.

China’s LNG imports fell to their lowest level since July 2024, driven by reduced heating demand from warmer temperatures and high spot LNG prices, GECF said.

Similarly, high spot prices curbed spot purchases in India and Singapore.

South Korea’s imports also declined, partly due to less imports from the US, as most US cargoes were redirected to Europe.

In contrast, Bangladesh’s imports rose, supported by strong gas demand and declining domestic production, while Indonesia saw an increase due to higher intra-country trade and additional imports from the US, GECF said.

Finally, colder-than-average weather led to a rise in Japan’s LNG imports, it said.

Latin America and MENA

LNG imports in the Latin America & the Caribbean region increased marginally by 2.8 percent (0.03 Mt) y-o-y to reach 1.11 Mt in January, which is a record high for the month, GECF said.

Stronger LNG imports in the Dominican Republic and Jamaica offset declines in Colombia and Panama.

GECF said the increase in the Dominican Republic’s LNG imports was mainly driven by higher imports from the US, while Jamaica’s import growth was supported by higher volumes from Mexico.

In Colombia, increased hydroelectric output, due to higher rainfall, reduced LNG imports.

Meanwhile, the decline in Panama’s LNG imports was primarily attributed to lower imports
from the US, GECF said.

LNG imports in the MENA region jumped to 0.74 Mt, representing an increase of 121 percent (0.41 Mt) y-o-y, which is the highest level for the month since 2017, GECF said.

The rise in LNG imports was primarily driven by Egypt which has significantly increased its LNG purchases in recent months to compensate for a domestic gas shortfall, it said.

LNG exports up 1.8 percent

GECF said that global LNG exports rose by 1.8 percent (0.67 Mt) y-o-y, reaching 37.83 Mt in January, the highest level ever recorded for January.

This increase was driven by higher LNG exports from non-GECF countries and an uptick in LNG re-exports, which offset a slight decline in exports from GECF member countries.

Non-GECF countries expanded their share of global LNG exports from 50.7 percent in January 2024 to 51.3 percent in January 2025, while LNG re-exports grew from 1.1 percent to 1.6 percent, GECF said.

In contrast, the share of GECF member countries declined from 48.2 percent to 47.1 percent.

GECF said the US, Qatar, and Australia remained the top three LNG exporters in January 2025.