FedEx to hike shipping rates, customs fees to bolster profitability
FEDEX Corp announced its intention to raise shipping rates and customs clearance service fees, effective January 1, as part of its efforts to enhance profitability, reports Reuters.
In pursuit of this goal, FedEx is implementing an average increase of 5.9 per cent to shipping rates for its US domestic, export, and import services within FedEx Express.
This rate adjustment will extend to its Ground and Home Delivery units. For FedEx Freight, the company plans to implement a rate increase averaging between 5.9 per cent and 6.9 per cent.
It is important to note that these adjusted rates will apply solely to shipments within the United States.
In explaining the rationale behind these adjustments, the company cited the need to account for incremental costs related to the present operational environment.
Based in Memphis, FedEx has been actively working towards bolstering its profitability. In the preceding year, the company outlined a comprehensive strategy to reduce costs by $4 billion by the conclusion of its 2025 financial year.
source:SchedNet
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