The import of Liquefied Natural Gas (LNG) to Canada has displayed significant fluctuations over the past decade. After a sharp increase from 2013 to 2014, imports decreased considerably in the following years before picking up again variably. By 2023, LNG import values stood at $174.1 million, showcasing a stable yet mild upward trend. The year-on-year growth rate from 2022 to 2023 was 0.69%, while the five-year compound annual growth rate (CAGR) hovered around -3.41%.
Moving forward, forecasted data indicates a modest growth trajectory with an average annual growth rate of 0.52% expected from 2024 to 2028, estimating the value at $179.25 million by 2028. The year-on-year change for 2024 is projected to be around 0.33%, signaling steady but slow growth.
Future Trends to Watch For:
- Global LNG market dynamics, such as shifts in supply and demand, geopolitical influences, and technological advancements, may impact Canada’s import strategies.
- Policy changes regarding energy imports and renewable energy commitments could further alter the import landscape.
- Economic factors affecting the cost and availability of LNG, along with competitive energy sources, will likely shape future import patterns.