Japan is the Largest Importer of Oz LNG
Japan was the largest buyer of Australian LNG during the 12-months to June (FY 2019) however China is closing the gap, advisory firm EnergyQuest said in its monthly LNG report published August 14.
Australia exported 29.5mn metric tons of LNG to Japan in FY 2019 (39% of total exports) while exports to China stood at 27.2mn mt (36% of total exports), EnergyQuest said. Ninety-five percent of Japanese imports from Australia come from Western Australia or the Northern Territory.
Australia exported 46% of Chinese LNG in FY 2019 and remains the biggest supplier to China, EnergyQuest said. Fifty-seven percent of Australian LNG exports to China in FY 2019 came from Queensland. Chinese companies have made huge investments in Queensland LNG and Queensland alone supplied a massive 27% of all China’s LNG imports, according to EnergyQuest.
“The concentration of Australian LNG trade in North Asia is both a strength and weakness. A strength as North Asia is the world’s largest and fastest growing LNG market. A weakness from lack of diversification and the risks this involves,” EnergyQuest said.
South Korea bought 10% of total Australian LNG exports in FY 2019.