FedEx air freight cargo planes parked at a FedEx regional hub at Los Angeles International Airport in Los Angeles, California, the US, September 16 2022. Picture: BING GUAN/REUTERS
FedEx, which on Thursday withdrew a forecast it issued just three months ago, said a global demand slowdown accelerated at the end of August and was on pace to worsen in the November quarter. FedEx shares were down nearly 20% in premarket trading on Friday, pulling stock in Deutsche Post — owner of logistics giant DHL — 6.4% lower in their slipstream in Frankfurt.
“We do a lot of business with Costco, Walmart, Target and they are telling us straight that they just don’t have space for anything right now,” said Jonathan Chitayat, the Asia boss of Shanghai-based Genimex Group, a contract manufacturer for a range of products from cleaning brushes to exercise equipment.
Worldwide air cargo volumes fell 11% in the first full week of September from a year earlier, according to WorldACD Market Data, which said there were no clear signs yet of a revival.
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