EL7.AI
CommoditiesMedium•3 November 2026•
5 min read

South Korea’s North American LNG Imports Jump 102.9% to 7.82 Million Tonnes

Key Facts

1South Korea’s imports from the United States and Canada reached 7.82 million tonnes in January–September 2026, up 102.9%.
2LNG imports from the Middle East fell to 2.42 million tonnes, down 66.2% in January–September 2026.
3South Korea’s total LNG imports fell 6.4% to 32.87 million tonnes in the first nine months of 2026.
4Imports from Qatar fell to 1.70 million tonnes, compared with 5.39 million tonnes in the corresponding period of 2025.

South Korea imported 7.82 million tonnes of liquefied natural gas from the United States and Canada in the first nine months of 2026, up 102.9% from the same period a year earlier, according to a report published by Aju Press. Over the same period, imports from the Middle East fell to 2.42 million tonnes, down 66.2% year on year. North American supplies thus exceeded imports from the Middle East, marking a clear shift in the supplier mix during the period. But South Korea’s total LNG imports fell 6.4% to 32.87 million tonnes. The comparison shows that the rise in U.S. and Canadian supplies coincided with a decline in total volumes, not an expansion.

The decline in Qatari supplies was the main factor behind the drop in shipments from the Middle East. South Korea imported 1.70 million tonnes from Qatar in January–September 2026, compared with 5.39 million tonnes in the corresponding period of 2025, a decline of 68.6%, the report said. Qatari shipments were also recorded at zero during April–June and August–September 2026. The coverage attributed this to supply disruptions linked to the war. This trajectory puts Qatar at the center of the shift in flows, as volumes from the country contracted alongside rising imports from North America.

The increase was not evenly split between the United States and Canada. Imports from the United States rose 41.7% to 4.85 million tonnes in the first nine months of 2026. Canadian imports jumped 587.6% to 2.975 million tonnes, according to figures cited by Aju Press. Although the volume from Canada was lower than that from the United States, its growth rate was far higher. The combined share of the United States and Canada rose from about 11.0% of South Korea’s total imports in the corresponding period of 2025 to 23.8% in the current period. Australia, however, remained South Korea’s largest LNG supplier, with a 29.3% share of the total.

Korea Gas Corp. (KOGAS) said the shortfall in Qatari gas was offset by volumes secured under long-term contracts, as part of an emergency response plan prepared at the beginning of the year. The coverage quoted a company official as saying: "We made up for the shortfall in Qatari LNG with volumes secured under long-term contracts, as part of the emergency response plan prepared at the beginning of the year." The company also said it had cut the share of LNG from the Middle East in its own imports from about one-third to the low double digits. That estimate relates to KOGAS purchases and does not describe the Middle East’s share of South Korea’s total imports. An official at the Ministry of Industry said on March 25 that Qatari volumes had already been excluded from that year’s supply plan and that the country had secured enough to meet demand through year-end even without those shipments.

The shift in the supplier mix came as the gas bill rose despite a decline in imported volumes. The value of LNG imports reached $20.61059 billion in January–September 2026, up 2.4% from the same period a year earlier, while the average import price per tonne rose 9.5% to $627.10. In September alone, the average price climbed to $852.50 per tonne, from $533.30 in September 2025, an increase of 59.9%. Import volumes for the month fell 7.8% to 3.564587 million tonnes, but their value rose 47.4% to $3.03888 billion. The figures highlight the divergence between volumes and prices during the period, as a higher price per tonne drove September’s import bill up despite lower volumes.

South Korea relies almost entirely on imported energy, while about 20% of its LNG imports come from the Middle East, according to the Associated Press, making regional supply disruptions significant for its needs. Shell said LNG supplies from the Middle East fell by about 36 million tonnes during 2026 and that about 80% of Qatar’s LNG exports go to Asia. Amid the supply disruption, a government official said in March that damage to Qatari gas facilities had affected about 20% of liquefaction capacity. The official added that alternative sources would prevent major disruptions even if Qatari supplies stopped completely. But gas prices in Asia rose during September; the November Japan-Korea Marker contract settled at $27.765 per million British thermal units, its highest level since January 2023, according to a report published on September 16.

As of September 16, the November Japan-Korea Marker contract was up 30.85% from a month earlier and 71.55% from six months earlier. The Korea JoongAng Daily linked the price rise to concerns about higher electricity and heating costs in South Korea during the winter. A professor at Seoul National University of Science and Technology said securing LNG and bearing the burden of prices would be difficult in winter amid limited supplies. Import data through September reflect South Korea’s reliance on alternative sources to make up for the shortfall in Qatari shipments, while the average import price remained above its level a year earlier. The report gave no figure for imports in the remaining months of 2026.