SHANGHAI, October 14, 2009—FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation company, has further enhanced its overnight services between Asia and Europe with the introduction of a new next-business-day service connecting mainland China, Hong Kong and Singapore with France and Germany.
Germany, Europe’s largest economy, grew at an annualized pace of 1.3% in the second quarter of 2009, while France, the region’s second-largest economy, expanded at an annualized rate of 1.4%.[1] With these initial indicators of an economic recovery, the service enhancement will provide a one-business-day transit time to Europe for FedEx International Priority® shipments that originate from Hong Kong, Shanghai and Singapore destined for Frankfurt, Cologne and Paris, from Monday to Thursday.
“Over the past decade, Europe has been a key export market for many of the region’s businesses that have been behind Asia’s emergence as an economic powerhouse,” said David L. Cunningham Jr., president, Asia Pacific, FedEx Express. “A revived European economy will push demand for exports from Asia, especially Chinese goods, and FedEx is committed to facilitating this important connection. Today’s launch of the new Asia-to-Europe service reflects our continued confidence in supporting this trade lane by providing businesses in Asia with more efficient access to markets in Europe and opening doors for new business opportunities.”
The Asia-to-Europe connection is an important link for business in the region, with the Asia-to- Europe air cargo market expected to expand at an average annual rate of 6.5% in the next two decades.[2]
Of the three markets that the new Asia-to-Europe next-business-day service supports, mainland China and the European Union have become two of the biggest traders in the world, with EU imports from China increasing by 6.5% in 2008. Singapore recently announced that the
European Union (EU) managed to surge ahead to become its largest trading partner.[3] In addition, the EU was the second-largest export market for Hong Kong’s electronics industry, which is its largest merchandise export earner, accounting for more than 50% of Hong Kong’s total exports in 2008.[4]
The service enhancement is a part of an ongoing focus by FedEx to strengthen its connection between Asia and Europe for customers. Enhancements by FedEx for the Asia-Europe segment include the launch of the express air cargo industry’s first express direct flight from mainland China to Europe in March 2005, and doubling the capacity between Europe and Asia during the launch of a first overnight express daily flight between India and China in September 2005. In February 2009, FedEx opened its Asia Pacific hub in Guangzhou, which represents its long-term commitment to providing better services and access to businesses in Asia, by connecting the region with Europe via the FedEx signature Euro One network.
About FedEx
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $34 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 275,000 team members 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 news.fedex.com.
About FedEx Express
FedEx Express is the world’s largest express transportation company, providing fast and reliable delivery to every U.S. address and to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee[5].
[1] JP Morgan Economic Research Report August 2009
[2] Boeing World Air Cargo Forecast, 2008-2009
[3] International Enterprise Singapore, July 2009
[4]HKTDC. June 2009
[5] Subject to relevant terms and conditions