China's importation of Liquefied Natural Gas (LNG) falls by over 55% in 2 years, falling from $44B in 2021 to $19B in 2023

Key takeaways:

  • China's total LNG imports dropped by over 55%, from $44 billion in 2021 to $19.4 billion in 2023, showing a significant reduction in demand and a shift in sourcing.
  • Australia, which was China’s largest LNG supplier in 2021 ($16.3 billion), is no longer among the sources in 2023, signaling a shift in China’s energy diversification strategy.
  • Russia and Turkmenistan have emerged as dominant suppliers in 2023, with Turkmenistan leading at $9.61 billion and Russia following at $6.44 billion
  • The U.S. has nearly disappeared from China's LNG market, dropping from $6.22 billion in 2021 to just $52,400 in 2023, a staggering 99.99% decline, likely due to geopolitical tensions and trade policies.

China’s importation of Liquefied Natural Gas (LNG) has declined, dropping from $44 billion in 2021 to just $19.4 billion in 2023. This steep fall of over 55% reflects a major shift in China’s energy-sourcing strategy. In 2021, Australia led as the top supplier with $16.3 billion in LNG exports to China, but by 2023, the entire landscape had changed, with Turkmenistan ($9.61 billion) and Russia ($6.44 billion) emerging as the dominant suppliers.
2021 also saw importations from Nigeria and other 26 countries, but in 2023, importations were just from 7 countries with Nigeria out of the scene.
This shift is not just about numbers, it tells a bigger story about geopolitical realignments and shifting trade preferences. The near disappearance of traditional suppliers like the U.S., Australia, and Qatar from China’s top LNG sources indicates a major transformation in global energy flows. The United States, which supplied $6.22 billion worth of LNG in 2021, saw its exports to China go down to an almost negligible $52,400 by 2023.

Source:

World Bank

Period:

2021 and 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Cooking gas costs more in Nigeria's North East than in any other region
Key Takeaways:
  • The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
  • The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
  • The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
  • The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
As of December 2024, Taraba State (₦20,290.8) recorded the highest average price for 12.5kg cooking gas
Key Takeaways:
  • The average price for 12.5kg cooking gas varies between ₦15,000 and ₦20,300
  • The average price difference of cooking gas among Nigerian states is 28.97%
  • Four out of the six states in the Southwest region are among the top 20 Nigerian states with the highest average cooking gas prices
  • Nine out of Nigeria's 36 states plus Abuja have an average price for 12.5kg cooking gas that exceeds ₦18,000
  • Taraba State stands out as the only state in Nigeria with an average cooking gas price surpassing ₦20,000
  • The national average price of 12.5kg cooking gas in Nigeria is ₦17,274.16
Cape Verde has the highest electricity fluctuations, averaging 6056.4 kWh
  • The Gambia, Guinea-Bissau, Niger, Sierra Leone, and Guinea had the most stable electricity supply from 2000 to 2021.
  • Cape Verde experienced the highest electricity fluctuations, with values ranging from 2981.5 kWh/person to 7692.9 kWh/person.
  • Nigeria, Ghana, Benin, Mali, and Cape Verde had the most unstable electricity supply, with significant year-to-year variations.
  • Nigeria’s electricity supply averaged 2161.7 kWh/person but remained highly inconsistent, fluctuating between 1250.4 and 2707.9 kWh/person.
  • Mali had the lowest electricity availability among unstable nations, averaging 757.4 kWh/person, with a drop as low as 350.7 kWh/person.
  • Countries with stable electricity had lower fluctuations, with The Gambia leading at 957.8 kWh/person and Guinea reaching 1110.8 kWh/person.
Average cost of 5kg cooking gas in Nigeria as of December 2024 – Top 20 states
Key Takeaways:
  • The average price for 5kg cooking gas ranges from ₦6,000 to ₦8,100.
  • The price difference of cooking gas between various Nigerian states is 25.09%.
  • Out of Nigeria's 36 states plus Abuja, fifteen have an average price for 5kg cooking gas above the national average.
  • Taraba State is uniquely positioned as the sole state in Nigeria with an average cooking gas price above ₦8,000.
  • The national average cost for 5kg cooking gas in Nigeria is ₦7,177.27.
Nigeria's national grid has collapsed 12 times in 2024
Nigeria's national grid has experienced 12 collapses so far in 2024, a troubling trend that reveals the fragility of the country's energy infrastructure. The timeline highlights intervals ranging from as short as one day to as long as 82 days between incidents. Notably, two consecutive collapses occurred on October 14 and October 15, while a total of 9 collapses occurred in the second half of the year. Yesterday's collapse came 35 days after November 7, when the grid went down for the 11th time.
71% of households in Nigeria’s North East lack access to electricity
Nearly half (46%) of Nigerian households struggle with electricity access, with the Northern region facing the most significant challenges. The three Northern geopolitical zones have access rates below the national average, whereas South East Nigeria has the highest access, with only 25.4% of households lacking electricity.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved