Exports of engineering goods, which constitute a large chunk of India's total shipments, are growing impressively, he said.

WSJ: India's Trade Deficit Narrows

Electronic items, apparel, luxury goods and other items from large Internet retailers constitute a significant portion of total holiday shipping volumes.

FORBES: Holiday Shipping Should Cheer Fedex's Stock To $98

The press release accompanying the report suggested that the continued tensions over sovereign debt "constitute a key risk to the outlook, with possible large regional and global implications, " and that "market participants remain unconvinced that a sustainable solution is at hand".

BBC: A fork in the road for the euro?