FedEx reports $85 billion contribution to global economy in FY24

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FedEx reports $85 billion contribution to global economy in FY24

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Brie Carere Executive Vice President, Chief Customer Officer, FedEx Corporation Co-President and Co-CEO, FedEx Services | FedEx

By Sky Industry News

Oct 28, 2024

FedEx Corp. has released its annual Economic Impact Report, highlighting the company's global network and its contribution to local communities' prosperity during the fiscal year 2024. This report, developed in collaboration with Dun & Bradstreet, documents FedEx's role in accelerating the flow of goods and ideas across countries and regions, a phenomenon known as the "FedEx Effect."

Raj Subramaniam, President and CEO of FedEx Corporation, stated, "We at FedEx have the vision to make supply chains smarter for everyone by using advanced data and technologies to better serve our customers and their customers, thus expanding our reach and influence." He added that the 'FedEx Effect' demonstrates their commitment to excellence, economic growth, and community engagement.

The report indicates that FedEx contributed over $85 billion directly to the world economy in fiscal year 2024, representing about 0.1% of total global net value added. The company's extensive transport network offers services in more than 220 countries and territories. It employs over 500,000 people at more than 5,000 locations worldwide.

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FedEx's contributions generate additional economic activity through its business network. In fiscal year 2024, it indirectly contributed an estimated $39 billion to global net economic output. Wouter Roels, President of FedEx Europe, remarked on their impact across industries like technology and healthcare: "FedEx keeps the world moving. We are very proud of our influence on economic activity in sectors such as technology, energy, healthcare, and pharmaceuticals."

Key insights from the report include:

- Trade: FedEx supports trade policies that improve market access.

- Operational improvements: Enhancements were made to optimize road networks.

- Sustainability: Investments were made in renewable energy for facilities.

- Small businesses: Support was provided for small and medium enterprises (SMEs).

- Supply chain: A significant percentage of suppliers are small businesses.

- Donations: Over $55 million was donated through partnerships with NGOs.

In Europe specifically, FedEx played a crucial role in promoting economic activity. In fiscal year 2024 alone, it contributed an estimated $10 billion directly to Europe's transport sector.

The full FedEx Global Economic Impact Report for fiscal year 2024 is available at fedex.com/economicimpact.