The EU has significantly increased its imports of liquefied natural gas (LNG) from the U.S. by over 367% since July 2018, according to the European Commission (EC) on Thursday.
The Commission presented a progress report on Thursday, the day that marks the first anniversary of the Joint Statement by President Jean-Claude Juncker and U.S. President Donald Trump. It illustrated the depth of the engagement between EU and U.S. over the past year, both at the political and technical level, according to EC.
The Commission highlighted the increase in the LNG trade between the sides, relaying that so far in 2019, one third of all U.S. LNG exports have gone to the EU.
"The U.S. is the EU's third largest supplier of LNG, while the EU has emerged as the primary destination of U.S. LNG exports," the EC said in its report.
“The European Union is delivering on what President Trump and I agreed on this day last year. We want a win-win situation on trade, which is beneficial for both the European Union and the United States. Having one of the most important economic relationships in the world, we want to continue strengthening trade between us based on the positive spirit of last July," Juncker was quoted as saying.
The U.S. and EU have a $1 trillion bilateral trade relationship with more than €3 billion in two-way trade every day, representing the largest economic relationship in the world.
In a factsheet released for the occasion by the EC, it showed that March 2019 recorded the highest volume ever of EU-U.S. trade in LNG with more than 1.4 billion cubic meters estimated at almost €0.3 billion.
€1 equals 6.35 Turkish liras
By Ebru Sengul