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Memphis, Tenn., October 30, 2023 – FedEx Corp. (NYSE: FDX)today released its annual economic impact report, analyzing thecompany’s worldwide network and role in fueling innovation duringits 2023 fiscal year (FY 2023).1 Produced in consultation withDun & Bradstreet (NYSE: DNB), a leading provider of businessdecisioning data and analytics, the study demonstrates the positiveimpact FedEx has on individuals and communities around the globe —otherwise known as the ‘FedEx Effect.’
“FedEx has helped shape global supply chains and the e-commercerevolution over five decades by transforming the way businessesexchange goods, services, and ideas — all while continuouslyexceeding the evolving needs of our customers,” said RajSubramaniam, President and CEO, FedEx Corporation. “This reportunderscores our significant contributions to the economy anddedication to making a positive difference in the communities wherewe operate.”
The report reveals that FedEx contributed more than $80 billion indirect impact to the global economy in FY 2023, despite recenteconomic pressures. This activity reflects the scale of the networkFedEx has developed and the company’s ongoing efforts to enhanceits innovative services that help businesses of all sizes connectwith customers and strengthen their operations.
FedEx celebrated 50 years of operations on April 17, 2023. Thecompany has the most extensive transportation network in the world,providing service to more than 220 countries and territories.Additionally, FedEx employs over 500,000 people across more than5,000 facilities and moves approximately 14.5 million packages perday.
Key highlights of the FedEx Economic Impact Report include:
Indirect impact: FedEx indirectly contributed an estimated $35billion to global net economic output2 in FY 2023.
Supply chain: FedEx contracted with roughly 100,000 suppliers in FY2023 — 90% of which were small businesses. An analysis of spendingwith roughly 73,000 unique suppliers over calendar year 2022revealed that the company’s spending with these suppliers duringthat time supported 1.1 million jobs.
Operational enhancements: FedEx continued to improve its networkand services in FY 2023. This included opening new facilitiesacross a range of locations, including Ireland, Poland, Australia,and South Korea; enhancing many existing facilities by introducingadvanced sorting e, adding warehouse capacity, and expandingairport ramp and road truck operations; and implementingoperational efficiencies in markets like Alaska.
Trade: FedEx continued supporting trade policies that offer greatermarket access and efficiency for its customers. This includedadvocating in favor of provisions like de minimis allowances, whichenable individuals and businesses of all sizes to import low-valuegoods without duties and taxes.
Smallbusinesses: FedEx supported small business growth — a major driverof economic activity globally — by providing small businessresource hubs in certain regions and tailored logistics and customsservices aimed at helping unlock new markets. The company alsoawarded small business grants to 77 companies around the worldduring FY 2023.
Sustainability: In FY 2023, FedEx added more electric vehicles(EVs) to its pickup and delivery fleet around the world andcontinued to make its facilities more sustainable and energyefficient. The company also invested in third-party initiatives,including research at the Yale Center for Carbon Capture and ThirdDerivative, RMI’s global climate technology accelerator.
Giving: FedEx supported local communities through volunteeractivities, in-kind shipping, and donations totaling $58.6 millionto its direct partnerships with NGOs and nonprofits in FY 2023. Thecompany also completed its 50 by 50 campaign — a four-yearinitiative designed to positively impact 50 million people aroundthe world by the company’s 50th birthday.
United States impact
FedEx delivers to every U.S. ZIP code through its extensive networkmade up of roughly 4,800 facilities, as well as more than 7,000independent service providers. With approximately 370,000 U.S.employees in FY 2023, FedEx is one of the largest employers in thecountry and is proud to support an inclusive, diverse, and eworkplace where 61% of U.S. employees identify as minorities.
The study found that in FY 2023, FedEx directly contributed anestimated 8.2% of net economic output to the U.S. Transportationand Warehousing sector3 and indirectly contributed $8.7billion to net output across the U.S. economy. However, the FedExEffect extends beyond the company’s contributions to economicgrowth and employment.
For 50 years, FedEx has worked to improve the prosperity and healthof the communities it serves. For example, team members across theU.S., as well as Canada, Chile, and Puerto Rico, volunteered in FY2023 to provide more than 8,400 pairs of shoes and 18,500 wintercoats, funded by FedEx, to children at 70 schools in collaborationwith nonprofit Operation Warm. Additionally, FedEx continuedworking with federal, state, and local governments to provideservices that help with their day-to-day operations, as well asduring crises, like when the company transported baby formula forOperation Fly Formula in 2022.
Read the full FY 2023 FedEx Global Economic Impact Report andexplore the FedEx Effect in communities and regions around theworld at fedex.com/economicimpact.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwidewith a broad portfolio of transportation, e-commerce and businessservices. With annual revenue of nearly $90 billion, the companyoffers integrated business solutions through operating companiescompeting collectively, operating collaboratively and innovatingdigitally as one FedEx. Consistently ranked among the world’s mostadmired and trusted employers, FedEx inspires its more than 500,000employees to remain focused on safety, the highest ethical andprofessional standards and the needs of their customers andcommunities. FedEx is committed to connecting people andpossibilities around the world responsibly and resourcefully, witha goal to achieve carbon-neutral operations by 2040. To learn more,please visit fedex.com/about.
1Fiscal year (FY) 2023 is defined as June 1, 2022-May 31, 2023.
2Net economic output is the difference between the value of totalor gross output and the cost of inputs such as energy, rawmaterials, and services. Also known as value added.
3As defined by the U.S. Bureau of Economic Analysis.