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- In an effort to boost profits, Federal Express has announced that beginning 1st January, 2024 it will increase shipping rates and customs clearance service fees on imports
- FedEx Freight shipping rates will increase by an average of 5.9 to 6.9 percent
- The newer rates would apply only to shipments within the US
MEMPHIS, Tennessee: In an effort to boost profits, Federal Express has announced that beginning 1st January, 2024 it will increase shipping rates and customs clearance service fees on imports.
In a statement, the company said that FedEx Express shipping rates will increase by an average of 5.9 percent for US domestic, export and import services, and shipping rates for its Ground and Home Delivery divisions will also rise by the same amount.
FedEx Freight shipping rates will increase by an average of 5.9 to 6.9 percent, the Memphis, Tennessee-based company noted, adding that these newer rates would apply only to shipments within the US.
“The price adjustments reflect incremental costs associated with the current operating environment,” FedEx said in a statement.
In 2022, FedEx announced a plan to reduce costs by $4 billion by the end of its 2025 financial year.
Last fiscal year, FedEx laid off 29,000 workers, retired 18 aircraft, closed offices and reduced Sunday deliveries to cut costs.
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