Japan is poised to become the world’s leading liquefied natural gas importer for 2026, marking the first time since 2022 that it has surpassed China. According to analysts at ICIS and Kpler, Japan’s LNG demand is projected to edge out China’s consumption this year as market conditions shift across the region.
Consultancies estimate that Japan’s imports will reach 62 million metric tons for the year, while Chinese imports are expected to total 61 million metric tons. This reversal is attributed to specific purchasing behaviors, with ICIS and Kpler indicating that sufficient domestic storage levels and high global prices have tempered import activity within China relative to its neighbor.
This development occurs amidst broader volatility in global gas markets as regional inventories and price pressures influence trade flows. The projection highlights the ongoing impact of elevated costs on import-dependent nations, as shifting demand patterns between the two Asian powers reflect broader adjustments to the current high-price environment for liquefied natural gas.