Global liquefied natural gas trade reached a new all-time high in 2025, with total volumes rising 6.3% to 436.98 million metric tons, the fastest rate of growth since 2022, according to the International Gas Union's (IGU) annual report published on Wednesday. The increase was fueled by strong US exports and rising European imports, which offset weaker Asian purchases, the IGU said. However, the report cautioned that conflict in the Middle East could lead to a contraction in 2026, clouding the outlook for the industry.
Key Trade Volumes and Growth Drivers
The IGU report highlighted diverging regional trends. Europe recorded the largest increase in imports, rising 26.1 million tons to 126.2 million tons, as the region replenished inventories and replaced lower Russian gas flows. Asia Pacific remained the largest LNG-importing region with 168.7 million tons, but imports declined by 9.2 million tons, driven mainly by lower demand in China and India.
| Importer | Volume (million tons) | Change from 2024 |
|---|---|---|
| Europe | 126.2 | +26.1 |
| China | 69.77 | -8.9 |
| Japan | 67.37 | N/A |
| South Korea | 48.67 | +1.7 |
| Asia Pacific (total) | 168.7 | -9.2 |
China remained the world’s largest LNG importer at 69.77 million tons, but imports fell 8.9 million tons year-on-year due to stronger domestic supply and higher pipeline imports from Russia, the IGU noted. Japan was the second-largest importer at 67.37 million tons, while South Korea increased imports by 1.7 million tons to 48.67 million tons.
Supply and Export Landscape
On the supply side, the United States retained its position as the world’s largest LNG exporter, shipping 110.74 million tons. Qatar followed with 81.51 million tons, and Australia exported 80.32 million tons. The IGU’s report also noted that Chinese LNG re-exports surged 45.8% to 0.67 million tons, reflecting a minor but growing trend in the Asian market.
Middle East Conflict Clouds Outlook
IGU President Andrea Stegher warned that the conflict in the Gulf has already damaged LNG infrastructure, cast doubt on the region’s expansion projects, and exposed Asian buyers to flow uncertainty and higher prices. “The conflict in the Gulf has damaged LNG infrastructure, clouded the outlook for the region's expansion projects, and exposed Asian buyers to flow uncertainty and higher prices,” Stegher said in the report. The IGU cautioned that prolonged periods of elevated LNG prices could weigh on demand growth in emerging Asian economies, particularly in South and Southeast Asia.
Risks to Future Growth
The IGU, which represents more than 130 members worldwide covering over 90% of the global gas market, highlighted that the Middle East conflict could lead to a contraction in 2026. The damage to LNG infrastructure and uncertainty over expansion projects may constrain supply growth at a time when global demand remains robust. Additionally, while Europe’s import surge supported record volumes in 2025, the region’s ability to sustain high import levels depends on inventory strategies and alternative supply sources. For Asian buyers, particularly in price-sensitive emerging economies, the risk of prolonged high prices could dampen the transition to LNG as a fuel source.
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