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Development of Korean Container Freight Index Based on Trade Volume  

Choi, Jung-Suk (한국선급 해운거래정보센터)
Hwang, Doo-Gun (한국선급 해운거래정보센터)
Publication Information
Journal of Korea Port Economic Association / v.33, no.3, 2017 , pp. 53-68 More about this Journal
Abstract
The purpose of this study is to develop a new Korean container freight index by applying weights based on the global trade volume. To achieve this, it was decided to determine the conditions such as establishment of routes and regions, weighting of trade volumes which based on prior research and expert advice. Based on this, the individual index and regional index and composite index were calculated, and then reliability and statistical significance of the index was verified through correlation analysis and Granger causality analyses. This study suggest the following findings, through the development of the Korean container freight index. Firstly, Korean freight index reflects the overall market situation and can be used as a benchmark for determining the conditions of each market, consisting of criteria of region and routes. Secondly, it is possible to reflect the market conditions in which actual freight differences exist, since it has developed separate indexes for export and import routes. Finally, The composite index is the only index that reflects not only exports and imports but also 27 individual routes based on Busan, which is the most comprehensive indicator of the korean container freight market.
Keywords
Container Market; Freight Index; Trade Volume; Granger Causality; Weight;
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