Include cost of freight in the explanatory dataset

[mkao006]

The cost of freight just like the exchange rate adds to the overall effective price.

[mkao006]

The App from SeaRate.com seems to be able to provide real-time freight quotes.

However, we will need to have historical quotes as well.

[mkao006]

The World Container Index seems to be able to provide historical quotes for every individual route.

[mkao006]

Another potential proxy variable is the containerised freight index such as the China Containerised Freight Index