Forecast: Import of Liquefied Natural Gas to South Korea

The import of Liquefied Natural Gas (LNG) to South Korea stood at 48.0 Billion Kilograms in 2023. In 2024, it is forecasted to reach 49.238 Billion Kilograms, reflecting a year-on-year increase of 2.58%. This upward trend continues with expected imports of 50.48 Billion Kilograms in 2025 (2.52% increase), 51.698 Billion Kilograms in 2026 (2.41% increase), 52.89 Billion Kilograms in 2027 (2.30% increase), and 54.059 Billion Kilograms in 2028 (2.21% increase). Over the five-year period, the Compound Annual Growth Rate (CAGR) is 2.41%.

Future trends to watch for include:

  • Changes in global LNG prices which could impact import volumes.
  • Shifts in South Korea's energy policy towards renewable energy sources.
  • Technological advancements in energy efficiency and LNG storage.
  • Geopolitical developments affecting LNG supply routes and trade agreements.

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