DHL Express shipping rates will increase by an average of 7.9% on Jan. 1, 2023 for U.S. account holders, the international express shipping provider announced Friday.
"A limited number of optional services and surcharges will be adjusted as well," according to DHL Express. The company said a guide for its 2023 rates will be published when available.
The annual rate hike is larger than the DHL division's 4.9% increase in 2021 and its 5.9% increase in 2022. It also outpaces the 6.9% average increases that UPS and FedEx will soon implement.
Annual price increases factor in inflation, currency dynamics and administrative costs tied to regulatory and security measures, DHL Express said. Price adjustments vary by country depending on local conditions.
The rate hike comes as carriers grapple with a slowdown in demand this year. In the first half of 2022, DHL Express' Time Definite International volume fell 6% YoY while its Time Definite Domestic volume fell 14.6%. Revenue still grew, but profit from operating activities fell.