The import of liquefied natural gas (LNG) to South Korea has experienced significant fluctuations over the past decade. In 2023, the value of LNG imports stood at 22.712 billion USD. The year-on-year variation in 2023 was 1.6%, reflecting a slight increase from the previous year. Over the past two years, the year-on-year variation averaged 4.31%. The five-year Compound Annual Growth Rate (CAGR) from 2019 to 2023 was -0.42%, indicating a slight decline in LNG import value.
From 2024 onwards, the forecasted data suggests a gradual increase in LNG imports, with a five-year CAGR of 1.26%, projecting a growth rate of 6.47% by 2028. Future trends to watch for include potential shifts in global LNG prices, changes in South Korea's energy policies, and advancements in alternative energy sources that could impact LNG demand.
