KCCI is based on rates for cargo on 13 routes from Busan, the largest port on the country's southeast coast, to Asia, North America and Europe.

The ministry collaborated with the state-run KOBC in July 2020 to develop KCCI to better tackle rising uncertainties from global supply chain disruptions.

The index utilises freight rates unveiled by shipping companies registered with the ministry and provided by logistics companies, according to a South Korean news agency.

South Korean exporters and importers bank on the Shanghai Containerised Freight Index (SCFI) now for data on freight rates.

Fibre2Fashion News Desk (DS)