Chinese LNG imports rise 17% in March

Chinese LNG imports in March came in at 5.36mn metric tons, up 17% year/year, customs department data published on April 18 showed.

During the first three months of 2023 (Q1), the total imports were 16.43mn metric tons, down 4.6% yr/yr. China’s pipeline gas imports in March were 3.51mn mt, up 4.4% yr/yr. The cumulative pipeline gas imports in Q1 were 10.32mn mt, down 2.1% yr/yr.

The cumulative LNG imports in the first two months of the year were lower as high global LNG prices and Covid-related lockdowns hit domestic gas demand. Imports in March rebounded owing to the resumption of economic activity and a decline in global gas prices.

Chinese LNG imports for the full year 2023 are likely to see a small increase, according to Reuters market analyst John Kemp. The import rebound could be smaller than some analysts anticipate because domestic gas production is rising strongly and the country has mostly completed its transition to natural gas for urban residents, Kemp wrote.