What Do HS Code 2711 and HS Chapter 27 Cover?

HS Chapter 27 covers mineral fuels, mineral oils and related products. For Malaysia, three 4-digit codes make up almost the whole trade:

• HS 2711 – Petroleum gases: liquefied natural gas (LNG, HS 2711.11), liquefied petroleum gas such as propane and butane (LPG), and natural gas in gaseous form. LNG alone is about 90% of Malaysia's HS 2711 exports.
• HS 2710 – Refined petroleum products: diesel, petrol (gasoline), jet fuel, fuel oil, naphtha and lubricating oils.
• HS 2709 – Crude petroleum: unrefined crude oil and condensate straight from the oil field.

The chapter also includes smaller items such as petroleum coke and bitumen (HS 2713), paraffin wax and petroleum jelly (HS 2712), coal-tar products and electricity — together less than 2% of Malaysia's fuel exports.

Malaysia LNG Export Data: Key Statistics

Here is a quick snapshot of the latest Malaysia LNG export data alongside the wider HS 27 fuel trade.

Malaysia's Fuel Trade: 2022 vs 2023

Malaysia LNG export data and the wider fuel figures both moved with prices. Malaysia's HS 27 exports fell from about US$60 billion in 2022 to about US$51 billion in 2023 — a drop of roughly US$8.8 billion, or about 15%. The reason is prices, not lost buyers. In 2022, global oil and gas prices hit their highest levels in years as Europe scrambled to replace pipeline gas and buyers everywhere competed for LNG cargoes. As supply chains adjusted in 2023, prices eased and export earnings came down with them.

A striking feature of the data is that imports are almost as large as exports: about US$50 billion in 2023. Malaysia is not only a producer — it is also a major refining and trading hub that buys crude oil and fuels from abroad, processes or blends them, and sells them on.

What Malaysia's Fuel Exports Are Made Of

Many people think of Malaysia mainly as an oil and gas producer, but the export mix tells a different story. Refined fuels (HS 2710) are the biggest category at US$29 billion (56%), reflecting Malaysia's large refining and blending industry. LNG and petroleum gases (HS 2711) come second at US$14.5 billion (28%), and crude oil (HS 2709) is third at US$7.0 billion (13.5%).

Top Buyers of Malaysia's Fuel and LNG Exports

Malaysia's energy trade is firmly Asia-Pacific. The top 10 buyers took 81.8% of HS 27 exports in 2023, and every one of them is in Asia or Oceania. Singapore leads at 15.1% — as the region's main oil trading and bunkering hub, it buys Malaysian fuel for blending, storage and re-export. Japan (13.7%) is close behind and is one of the most important destinations for Malaysian LNG, followed by Australia (11.9%), which relies on imported refined fuels such as diesel and jet fuel.

Who buys Malaysian LNG?

Malaysia LNG export data points to North Asia as the core market. Japan, South Korea and China — plus Taiwan — are the world's biggest LNG importers, and they sit within a few days' sailing of Malaysia's main LNG complex at Bintulu in Sarawak. Many cargoes are sold under long-term contracts that run for 10–20 years, which gives Malaysian LNG steady, predictable demand. China's own records show it imported US$3.67 billion of petroleum gases from Malaysia in 2025, underlining how important the China lane has become.

• Japan: one of Malaysia's oldest LNG buyers, using gas for power generation and city gas.
• China: the fastest-growing LNG market, importing gas to replace coal in power and industry.
• South Korea and Taiwan: resource-poor, gas-hungry economies that depend almost entirely on imported LNG.
• Southeast and South Asia: Thailand, Bangladesh and others are newer LNG buyers as their own gas fields decline.

Malaysia's Rank Among World LNG Exporters

Comparing Malaysia LNG export data with the rest of the world shows how big a player it is. World LNG exports were worth more than US$130 billion in 2023. Australia led with US$49.5 billion (37.9%) and the United States followed with US$34.3 billion (26.2%). Malaysia ranked 3rd with US$13.1 billion — almost 10% of the world market and about twice the size of the next exporters, Oman and Indonesia. The top three together supplied 74% of world LNG exports.

Where Malaysia's Fuel Imports Come From

Malaysia LNG export data is only part of the picture. Malaysia also imported about US$50 billion of HS 27 products in 2023. Singapore was the top source at 19.1% (US$9.73 billion), supplying refined fuels from its trading and storage hub. Saudi Arabia was second at 17.1% (US$8.69 billion), mainly crude oil for Malaysian refineries, with the UAE (8.15%) adding more Gulf supply. Together, Saudi Arabia and the UAE supplied a quarter of Malaysia's fuel imports.

Reading Malaysia LNG export data alongside these import figures shows a two-way flow that is typical of a regional refining hub. Malaysia buys crude grades that suit its refineries, imports blending components and finished fuels when that is cheaper, and exports its own LNG, crude and refined products to buyers across Asia.

What's Driving Malaysia's LNG and Fuel Trade?

Strengths

• World-scale LNG capacity: the Bintulu LNG complex in Sarawak is one of the largest LNG production sites in the world, supplemented by floating LNG units offshore.
• Location: Malaysia sits between the gas fields of Southeast Asia and the huge LNG markets of North Asia, keeping shipping times and costs low.
• Refining and trading hub: large refinery and petrochemical complexes, including Pengerang in Johor, let Malaysia add value and trade fuels across the region.
• Long-term contracts: multi-year LNG supply deals with Asian buyers provide steady demand even when spot prices swing.

Challenges

• Price volatility: oil and gas prices can move by tens of percent in a year, so export earnings rise and fall sharply, as 2022–2023 showed.
• Maturing gas fields: older fields need new investment and deepwater projects to keep LNG plants supplied.
• New competition: fast-growing US and Gulf LNG supply competes for the same Asian buyers.
• Energy transition: buyers are cutting carbon, which supports gas as a cleaner alternative to coal in the medium term but adds pressure to lower emissions from LNG production.

Outlook: Malaysian LNG in the Years Ahead

The latest Malaysia LNG export data shows a supplier whose position held firm through a volatile 2022–2023. Asia's demand for gas is expected to keep rising as countries switch power generation away from coal, and new LNG buyers in South and Southeast Asia are joining the market. With proven capacity, a strong location and long-standing buyer relationships, Malaysia is well placed to remain one of the world's top LNG exporters — while its refining hub keeps the wider fuel trade moving in both directions.

How to Use Malaysia LNG Export Data

Shipment-level Malaysia LNG export data and fuel trade records go much deeper than annual totals. Here is how energy traders and businesses put them to work:

• Track trade flows: see which buyers receive LNG, LPG, diesel, jet fuel and crude from Malaysia, and how volumes change month to month.
• Find counterparties: identify active importers, exporters and traders of HS 2709, 2710 and 2711 products.
• Benchmark prices: compare unit values by product and destination to sharpen your own deals.
• Plan logistics: understand ports, routes and cargo sizes for shipping and storage planning.

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