New report details the FedEx effect

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FedEx worked with 360,000 suppliers globally employing over 16.5 million individuals and with a combined annual revenue of $700 billion, said the Memphis-headquartered carrier in its latest 2022 Economic Impact Report.

In the document, produced in consultation with Dun & Bradstreet, FedEx analysed its effect on economies around the world in its 2022 fiscal year. It added that its global economic activity supported 193,000 additional jobs beyond the FedEx worldwide employee base in FY 2022, 20,000 more than in 2021.

Small businesses made up 88% of the FedEx supply chain, it added. More than half of the FedEx supply chain spend in each region went to small businesses—which collectively supported roughly 810,000 small business jobs around the world.

•FedEx invested $6.8 billion—a 15% increase over 2021—in facility improvements, network optimization and infrastructure improvements.

The report found that FedEx played an integral role in helping businesses recover from the pandemic while overcoming strained supply chains and economic challenges.

Nearly 550,000 employees worldwide moved an average of 16 million shipments each day through 5,000 facilities.

FedEx Corporation president and chief executive, Raj Subramaniam, said: “All around the world, FedEx helped individuals, businesses, and communities emerge from the pandemic by moving goods and providing services that connect humankind and power the global economy. The report illustrates the ongoing and important work we do every day, including supporting small- and medium-sized businesses which are the backbone of our local communities. We call this, the FedEx Effect.”

FedEx donated over $86 million to charities and local non-profits. The company also served as a critical conduit for food and aid deliveries and donations to Ukraine and Shanghai, among others.

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