Key facts
- Japan is projected to become the world's top LNG importer this year, surpassing China.
- Japan's estimated imports are 62-63 million metric tons, while China's are expected at 61-62 million tons.
- High LNG prices and sufficient Chinese storage are limiting purchases in China.
- The Strait of Hormuz crisis has tightened the LNG market and driven up spot cargo prices.
Japan is poised to become the world's largest importer of liquefied natural gas (LNG) this year, overtaking China for the first time since 2022, according to analysts at ICIS and Kpler. Japan's imports are estimated at 62-63 million metric tons, slightly higher than China's projected 61-62 million tons. China had regained the top importer status in 2023 after holding it in 2021 and 2022. High LNG prices and sufficient inventory levels in China are limiting its purchases, while a crisis in the Strait of Hormuz has tightened the global market and increased competition for supply.