Natural gas balance of trade

The US’ net gas exports rose by 21%, while Russia’s fell by 24% in 2023.

Changes in the global gas markets that emerged after the war in Ukraine in 2022 – such as the suspension of Russian gas supplies to the EU, higher US LNG exports to Europe, and persistently high gas prices in Europe and Asia – were confirmed in 2023. Russia’s net gas exports, which had fallen by 31% in 2022, decreased by 24% in 2023, while the EU’s net gas imports contracted by 13% (especially in Germany, in Italy and in France), amidst an industrial slowdown and still high gas prices. The EU’s supplier switch benefited again to the United States, whose net gas exports surged by 21% (the country became the largest gas exporter in the world, especially for LNG), and to Azerbaijan (+8.1% for net gas exports).
On the export side, net exports from Norway contracted by 4.5% due to maintenance and unplanned outages, those from Nigeria decreased by 8.5% (over feedgas supply and security issues), while Egypt turned into a net importer (lower gas production and rising domestic demand). Net gas exports from Algeria grew by 4.2% (mainly to Europe and Türkiye) and those from Malaysia by 18%; they remained stable in Australia, Canada and Indonesia.
On the import side, China’s and India’s net gas imports increased noticeably (+9.8% and +18%, respectively), whereas net imports contracted in Japan (-8.5%) and in South Korea (-4.9%). Net imports slightly increased in Latin America (+0.9%), especially in Mexico (+7.8%).