Imports of liquefied natural gas (LNG) to Latin America fell by 4.2 million tons (Mt), or 32 percent, during January-September versus the same period in 2019, as COVID-19 ravaged the region’s economies.
Latin America has seen a particularly sharp decline this year compared to other LNG-importing regions in the world, said Kpler’s Homayoun Falakshahi, senior commodity analyst.
Europe, for example, saw an 11 percent year/year increase in LNG imports over the same span, while Asia recorded a 2 percent increase. In both cases, however, the increases were because of high imports during the first quarter, before the pandemic made its impact felt around the world.
Falakshahi also noted that Latin America’s LNG import volumes were on the decline before the pandemic. The last quarter in which the region posted a year/year increase was in 1Q2019, Kpler data shows.
In Brazil, “LNG and thermal coal imports have pretty clearly weakened a lot through Q2 and Q3” of this year, said Kpler’s Reid I’Anson, senior commodity analyst. He noted that the reason for this is two-fold.
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