From 2013 to 2023, South Korea's LNG imports showed significant fluctuations, peaking in 2018 at 60.21 Billion Cubic Meters (BCM). Notably, 2023 saw a decline to 63.16 BCM. Year-on-year variations reveal erratic trends, with sharp increases in 2018 (17.14%) and 2021 (15.68%), and a notable decrease in 2015 (-11.55%). The Compound Annual Growth Rate (CAGR) over the past five years up to 2023 is 0.96%.
Future trends indicate a moderate but steady increase in LNG imports, with forecasts predicting a rise to 69.16 BCM by 2028. The forecasted five-year CAGR of 1.43% suggests gradual growth with a total estimated increase of 7.33% over this period.
Future trends to watch:
- Potential impacts of geopolitical changes on LNG supply routes and prices.
- Technological advancements in energy efficiency and renewable energy adoption that might influence LNG demand.
- Policy changes in South Korea focusing on energy security and diversification of energy sources.
