As a result of tariff negotiations with the United States, the government has decided to import $100 billion worth of American energy over the next four years. However, this includes the existing import volume, and based on the import amount over the past four years, the additional volume to be imported appears to be only $6.8 billion.
The additional imports are likely to focus on expanding liquefied natural gas (LNG) rather than crude oil, which has had the largest share of imports so far.
According to Donald Trump's social media and the Ministry of Trade, Industry and Energy, South Korea has agreed to import a cumulative $100 billion worth of American energy from this year through 2028.
A ministry official noted, 'This does not mean an increase of $100 billion compared to the current amount, but rather that the export scale over the next four years will be $100 billion,' adding, 'This includes all American energy, such as LNG, liquefied petroleum gas (LPG), and crude oil.'
South Korea has imported energy worth about $20 billion annually from the United States. According to the Korea International Trade Association, the specific import amounts are $23.2826 billion in 2024, $22.29619 billion in 2023, $27.84924 billion in 2022, and $19.84280 billion in 2021, meaning an average import of $23.3 billion over the last four years.
According to the agreement, South Korea must import about $25 billion worth of American energy each year going forward, which requires purchasing an additional $1.7 billion (a total of $6.8 billion over four years) annually. This year, it has already imported $10.01778 billion worth by the first half.
The government states that it cannot disclose details such as itemized import volumes. However, it appears that negotiations have placed more emphasis on LNG imports from the United States. President Trump also emphasized in his social media today that they agreed to invest a significant amount of money, including 'LNG' or other energy products worth $100 billion.
Looking at the projected import scale of American energy by item for South Korea in 2024, it comprises ▲ crude oil $14.2488 billion ▲ LPG $4.45802 billion ▲ LNG $3.09213 billion ▲ oil $790.25 million ▲ coal $616.35 million ▲ uranium $450,000.
A government official explained, 'Crude oil has accounted for the largest portion of American energy imports so far,' but noted that 'changes will occur (in the proportion of energy item imports) as contracts commence from this year.'
However, the results of this agreement do not include the purchase of Alaska LNG or investments in related projects (such as pipelines and LNG plant construction). Yeo Han-koo, head of the Trade Negotiation Headquarters, explained, 'The Alaska LNG-related content was not included in this negotiation,' adding, 'We are requesting basic data from the United States to make future decisions regarding this matter.'