United Parcel Service says it is girding for a slowdown in global delivery volumes and what could be the first decline in annual revenue in years. The Wall Street Journal reports that the downbeat outlook came after the package giant’s revenue dropped in the fourth quarter because package volume across its domestic and international operations declined.

UPS has been stressing profitability over volume but the drop in revenue was a surprise and came as the critical revenue-per-piece measure rose at the slowest pace of the year. 

The package carriers generally have been reaping big gains from the consumer push to e-commerce shopping during the pandemic. But online sales growth is waning, and the big transport networks that UPS and rival FedEx operate are exposed to the geopolitical and economic forces that are buffeting global trade.