FedEx Corp (FDX.N) has revealed plans to implement shipping rate hikes and customs clearance service fee adjustments starting January 1, 2024, aiming to bolster its profitability. The parcel delivery giant stated that FedEx Express shipping rates for U.S. domestic, export, and import services will see an average increase of 5.9 percent. Similar rate hikes will apply to its Ground and Home Delivery units. Additionally, FedEx Freight shipping rates within the U.S. will rise by an average of 5.9 percent to 6.9 percent.
The company justified these changes as necessary adjustments to account for incremental costs associated with the current operating environment. This move is part of FedEx’s broader strategy to enhance profitability and reduce costs.
