FedEx Corporation recently released its annual economic impact report for fiscal year 2024, outlining its contributions to the global economy and detailing its operations across various regions, including the Asia Pacific (APAC). Developed with business data firm Dun & Bradstreet, the report examines how FedEx services influence local economies through trade, employment, and supply chain enhancements. According to Raj Subramaniam, President and CEO of FedEx, the company remains committed to building smarter supply chains with technology to benefit its customers and their clients.
In fiscal year 2024, FedEx’s global network contributed over $85 billion in direct impact to the worldwide economy, representing about 0.1% of the world’s total economic output. The company’s expansive operations reach over 220 countries and territories, moving an average of 16 million packages daily through 5,000 facilities. With over 500,000 employees, FedEx enables businesses of all sizes to expand their global reach.
The report reveals the company’s dedication to growing its transportation network and strengthening connections across regions. FedEx also advanced its technology and service offerings to ensure a steady flow of goods and information, helping businesses compete in an interconnected economy.
Expanding APAC Operations and Trade Connections
The APAC region, which includes growing economies like China, Japan, Vietnam, Thailand, and Indonesia, has emerged as a key area for FedEx operations. In 2024, FedEx contributed an estimated 0.2% to the economic output in the APAC’s Transportation, Storage, and Communications sector. The company also indirectly boosted the region’s economy by $1.7 billion.
Kawal Preet, President of FedEx Asia Pacific, commented on the region’s role in the global economy and the company’s dedication to building infrastructure to support growth across APAC. FedEx has added new flights and connected routes in the region, including four weekly flights from Ho Chi Minh City to Guangzhou’s Asia Pacific Hub, enhancing regional trade and access to the global market.
FedEx has expanded its presence in APAC through major infrastructure projects. The company opened a regional headquarters in Singapore, upgraded its Shenzhen International Gateway to increase package sorting capacity, and initiated construction on a new operations center in Guangzhou, which will triple its sorting capacity. In Taiwan, FedEx is expanding its transshipment center at Taoyuan International Airport to meet increasing demand.
FedEx has also advanced sustainability projects across APAC, including renewable energy adoption, electrification of its fleet, and carbon reduction programs. In 2024, FedEx opened energy-efficient facilities in Singapore, China, and Australia and introduced five commercial electric tricycles to its Taiwan delivery fleet. A cross-border delivery from Malaysia to Singapore in an electric vehicle marked the first zero-emission journey in the region, recognized by the Malaysian Book of Records.
Support for Small Businesses
FedEx actively supports small- and medium-sized businesses (SAMs) in APAC. In 2023, 68% of FedEx’s supply chain spending in APAC went to SAMs, contributing to local employment and economic growth. FedEx’s Small Business Grant Program awarded $69,000 to four businesses in the region, including Lucence, a precision oncology startup in Singapore that won the $30,000 grand prize for its work in non-invasive cancer diagnosis.
Through FedEx Cares, the company has invested over $55 million in charitable efforts worldwide, supporting educational, environmental, and entrepreneurial initiatives. APAC programs included donating retired uniforms to local groups in China, funding education for women in engineering at the Polytechnic University of the Philippines, providing computer equipment for students in Jakarta, and establishing bicycle repair stations in the Philippines. FedEx volunteers also took part in projects like tree planting in China and Singapore, urban gardening in Malaysia, and food distribution efforts in Australia.
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