HS Code:
The 'Liquefied' category under the Harmonized System (HS) Code generally refers to liquefied gases, such as liquefied natural gas (LNG), liquefied petroleum gas (LPG), and other liquefied hydrocarbons. These products are critical to global energy markets, used for heating, cooking, and as industrial fuel. The category includes products under HS Code 2711 (Petroleum gases and other gaseous hydrocarbons, liquefied). Trade in this category is influenced by energy demand, geopolitical factors, and environmental policies.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database
USD 35 billion
23.3% of total trade of total trade
Increasing
USD 30 billion
20.0% of total trade of total trade
Increasing
USD 25 billion
16.7% of total trade of total trade
Increasing
USD 15 billion
10.0% of total trade of total trade
Decreasing
USD 10 billion
6.7% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
15% (imposed by certain developing nations for energy security)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Rising demand for LNG in Asia-Pacific
Increased exports from Qatar and Australia to meet energy needs in countries like China and India
2022
Shift towards cleaner energy sources
Growing preference for LNG over coal and oil due to lower carbon emissions, boosting trade volumes
2021-2022
Geopolitical disruptions affecting supply chains
Sanctions on Russian gas exports have redirected trade flows, increasing demand for US and Middle Eastern LNG
2022
The United States approved new LNG export terminals to meet growing European demand following reduced Russian gas supplies.
March 2023
Strengthens US position as a leading LNG exporter, potentially increasing trade volume by 10% in the next two years.
The European Union signed long-term LNG supply agreements with Qatar and Australia to reduce reliance on Russian gas.
December 2022
Shifts trade patterns, increasing imports from non-Russian sources and stabilizing prices in the short term.
China became the world’s largest LNG importer in 2022, driven by industrial demand and coal-to-gas switching policies.
January 2023
Drives global demand, putting upward pressure on prices and benefiting major exporters like Qatar and Australia.