New FedEx Flight Doubles Capacity from Europe to the world’s fastest growing markets
Paris, Sept. 7, 2005 - FedEx Express, a subsidiary of FedEx Corp. (NYSE:FDX), the world’s largest express transportation company, today announced that it is doubling capacity from Europe to India and the rest of Asia, and linking two of the world’s fastest growing markets, India and China, with the industry’s first overnight express link.
As part of a new eastbound route this new connection will enable FedEx to meet a growing need from customers at a time when Asian demand for European goods is rapidly increasing. In fact the EU has actually surpassed the U.S. as China’s largest trading partner, with trade increasing by 23 percent last year alone.
“Asian demand for European goods has been strong over the past five years and is continuing to increase”, said Robert W. Elliott, President, FedEx Express EMEA.
“This flight provides a vital role in linking India and China, and in helping to stimulate the growth of these economies. This will in turn lead to increased demand for European goods as the standard of living and income levels rise in these countries. This flight will not only help to facilitate this growth in demand but will also provide our European customers with increased access to Asia for the sale of these goods.”
With trade expected to exceed US $20 billion in 2008, India and China have an escalating trade relationship that includes textiles, chemicals, pharmaceuticals, aluminum, iron ore and ferrous metals. The five weekly flights from India to China address India’s vibrant economic growth over the past several years.
“Indian exports to China have been growing at more than twice the rate of overall Indian exports for the last few years,” said Gene Huang, chief economist, FedEx Corp.
“The trend is expected to continue with the increasing growth of China’s emerging middle class and consumer-focused culture.”
The new route also reinforces the leadership position of FedEx in China. FedEx has more flights in and out of China than any other U.S. international air express carrier—operating 23 weekly flights with authority to operate an additional three weekly flights beginning March 2006. This eastbound route includes a direct point-to-point connection between Shanghai, China and Narita, Japan, extending cut-off times for cities in eastern China by up to one day. It also increases capacity from China and Japan to North America.
Earlier this year, FedEx Express launched a westbound around-the-world route, which included the express air cargo industry’s first direct flight from mainland China to Europe (Shanghai to Frankfurt). The new route compliments the westbound round-the-world route, meeting supply and demand needs in both directions.
About FedEx Corp.FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $29 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 250,000 employees and contractors to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.
About FedEx ExpressFedEx Express, a subsidiary of FedEx Corp., connects areas that generate 90 percent of the world’s gross domestic product in one to three business days with door-to-door, customs-cleared service and a money-back guarantee. The company’s unmatched air route authorities and infrastructure make it the world’s largest express transportation company, providing fast, reliable and time-definite transportation of approximately 3.2 million packages to more than 220 countries and territories each working day. FedEx Express employs more than 138,000 employees and has approximately 50,000 drop-off locations, 671 aircraft and approximately 41,000 motorized vehicles in its integrated global network.