China's LNG imports near record high in 2024

This is still expected to increase this year despite high prices.

The volume of liquefied natural gas (LNG) imports to China reached around 77 million tonnes (Mt) in 2024, nearly reaching the record-high of 79 Mt in 2021, according to Rystad Energy.

In its latest special market update, Rystad said China’s LNG imports rose more than 20% year-on-year during the first four months of last year on the back of low spot prices. Soft demand recovery, significant inventory build-up, and rising spot prices slowed import growth but did not stop imports from recording its highest level since 2022.

“Despite 2025 starting under very different circumstances – high spot prices and tank-top inventories – do not be shocked if China ends the year with yet another record-high propelled by the X-factor for Chinese demand recovery: the industrial sector,” Rystad said.

Rystad expects China’s LNG imports to reach more than 83 Mt in 2025 – greater than the previous record-high in 2021.

Government stimulus measures that can fuel domestic demand and the property market could revitalise industrial activity this year. However, this could also be affected by a potential trade war with the new Trump administration in the US, Rystad warned.

“China’s manufacturing activity was hit noticeably in 2019 with the onset of the first trade war, also brought on by Trump’s during his first term in the White House,” it said.