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FedEx Corp FDX-N said on Tuesday it would increase shipping rates and customs clearance service fees on imports from Jan. 1, 2024 as the parcel delivery company aims to boost its profitability.

FedEx Express shipping rates will increase by an average of 5.9% for U.S. domestic, export and import services, the company said in a statement.

It will also hike shipping rates for its Ground and Home Delivery units by the same amount.

FedEx Freight shipping rates will increase by an average of 5.9% to 6.9%, the company said, adding that these newer rates would apply to only shipments within the U.S.

“The price adjustments reflect incremental costs associated with the current operating environment,” the company said.

The Memphis, Tennessee-based firm has been striving to boost its profitability and last year outlined a plan to slash $4 billion in costs by the end of its 2025 financial year.

Last fiscal year, FedEx slashed about 29,000 jobs, retired 18 planes, shuttered offices and pared back profit-sapping Sunday deliveries to cut costs.

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