China’s Gas Imports Surge 21% in First Four Months of 2024

China’s imports of natural gas were up around 21% in the first four months of this year against the corresponding period in 2023.

According to customs data, this is result of an overall exports and imports in April in wake of a contraction during the previous month.

According to Chinese Customs, the country imported 43 million tonnes of natural gas in January-April 2024, recording an increase of 20.7%,on a year-on-year basis.

During the month of April, China witnessed imports of 10.3mn tonnes, showing continuous increase in gas imports.

This is a result of softer global LNG prices according to Canadian outlet Natural Gas World.

China’s escalating demand for natural gas has surged dramatically, marking a notable 21% increase in imports during the first four months of 2024 compared to the same period in the previous year. 

With 43 million tonnes imported during January-April 2024, valued at over billion, China is evidently ramping up its gas procurement efforts.

​Notably, a significant drop in global liquefied natural gas (LNG) prices has incentivized heightened imports. The average import price of gas plummeted by 15%, rendering natural gas more economically appealing for China. This trend is underscored by the absence of a breakdown in imports by type, suggesting that both pipeline and liquefied gas have experienced increased demand.

China’s energy diversification strategy is evident not only in its bolstered natural gas imports but also in its expanded trade partnerships. While Russia remains a key energy supplier, providing substantial volumes of oil and LNG, China’s imports from the US and the EU have also increased, despite declines in exports to these regions.

Russia’s pivot towards Asia as a consequence of strained relations with Europe has further solidified its role as a primary energy partner for China. 

Particularly, the Power of Siberia pipeline has seen a significant uptick in gas deliveries.

China also aimed at countering that risks following geopolitical tensions and market fluctuations.