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Emerging market economies are grappling with high spot LNG prices as well as domestic gasoline prices, which are staying above the USD 100/b mark, which means that even term imports are the most expensive they have been in years. Meanwhile, a dramatic changes in LNG flows were observed in recent months as gas shipments to China, Japan and Korea were down 11%, 14 % and 7 %, respectively, in the first quarter compared with the same time last year, said Valery Chow, an analyst who tracks the industry at Wood Mackenzie.