Exhibit 99.1

EARNINGS RELEASE

By:	Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104		FOR IMMEDIATE RELEASE
	CONTACT:	R. Jordan Gates Chief Financial Officer (206) 674-3427

EXPEDITORS ANNOUNCES NET EARNINGS INCREASE OF 18%

SEATTLE, WASHINGTON – August 5, 2003, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings of $27,910,000 for the second quarter of 2003, compared with $23,684,000 for the same quarter of 2002, an increase of 18%. Net revenues for the second quarter of 2003 increased 14% to $178,261,000 as compared with $156,144,000 as reported for the second quarter of 2002. Total revenues and operating income were $625,713,000 and $41,305,000 in 2003 compared with $535,756,000 and $36,085,000 for the same quarter of 2002, increases of 17% and 14%, respectively. Diluted net earnings per share for the second quarter were $.26 as compared with $.22 for the same quarter in 2002, an increase of 18%. The company also reported that same store net revenues and operating income increased 14% and 15%, respectively, for the second quarter of 2003 when compared with 2002.

For the six months ended June 30, 2003, net earnings rose to $53,029,000 from $45,914,000 in 2002, an increase of 16%. Net revenues for the six months increased to $348,287,000 from $302,850,000 for 2002, up 15%. Total revenues and operating income for the six months were $1,182,059,000 and $78,834,000 in 2003 compared with $985,296,000 and $68,731,000 for the same period in 2002, increases of 20% and 15%, respectively. Diluted net earnings per share for the first two quarters of 2003 were $.49 as compared with $.42 for the same period of 2002, an increase of 17%. Same store net revenues and operating income both increased 15% for the six months ended June 30, 2003 when compared with same period of 2002.

“These results are solid and we’re grateful to have come through a rather eventful quarter as well as we did,” commented Peter J. Rose, Chairman and Chief Executive Officer. “Once again, we can only credit the hard work and positive attitude of our employees for making all this happen. This company was built on the solid foundation of providing exceptional customer service. We know that there isn’t a better team of professionals anywhere in the logistics universe. The individuals come to work here with the express desire to ‘do it a little better’ each day.”

“Perhaps a highlight this quarter, was the progress we are continuing to make in Europe,” Rose continued. “While sometimes you have to take one step backward to be able to take two forward, we continue to streamline and adjust as we move forward. The effort is starting to show up in the numbers and in freight movements into and out of Europe from the Far East. Rather than making excuses, our employees are making progress and this has been the primary objective of our revamping efforts in Europe,” Rose concluded.

Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained professionals in 167 offices and 13 international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.

Expeditors International of Washington, Inc.

2nd Quarter 2003 Earnings Release

August 5, 2003

Expeditors International of Washington, Inc.

Financial Highlights

Three months and Six months ended

June 30, 2003 and 2002

Unaudited

(in 000’s of US dollars except share data)

	Three months ended June 30,						Six months ended June 30,
	2003		2002		% Increase		2003		2002		% Increase
Revenues	$	625,713	$	535,756	17	%	$	1,182,059	$	985,296	20	%
Net revenues	$	178,261	$	156,144	14	%	$	348,287	$	302,850	15	%
Operating income	$	41,305	$	36,085	14	%	$	78,834	$	68,731	15	%
Net earnings	$	27,910	$	23,684	18	%	$	53,029	$	45,914	16	%
Basic earnings per share	$	.27	$	.23	17	%	$	.51	$	.44	16	%
Diluted earnings per share	$	.26	$	.22	18	%	$	.49	$	.42	17	%
Basic weighted average shares outstanding	104,540,894		103,805,303				104,430,226		103,594,380
Diluted weighted average shares outstanding	108,978,181		108,984,259				108,857,787		108,907,425

Office closure in the 2nd Quarter of 2003:

EUROPE

Luton, United Kingdom (consolidated with the London office)

Investors may submit written questions via e-mail to: investor@expeditors.com

Or by fax to: (206) 674-3459

Questions received by the end of business on August 6, 2003 will be considered in management’s 8-K “Responses to Selected Questions” expected to be furnished on or about August 8, 2003.

05-August-2003

Expeditors International of Washington, Inc.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

	June 30, 2003			December 31, 2002
Assets
Current assets:
Cash and cash equivalents	$	284,415		$	211,859
Short-term investments	78			87
Accounts receivable, net	384,332			385,864
Other current assets	18,851			7,676
Total current assets	687,676			605,486

Property and equipment, net	236,363			204,966
Goodwill, net	5,725			5,299
Deferred Federal and state income taxes	8,257			11,008
Other assets	20,987			53,189

	$	959,008		$	879,948
Liabilities and Shareholders’ Equity

Current liabilities:
Short-term debt	496			1,319
Accounts payable	268,754			248,302
Accrued expenses, primarily salaries and related costs	88,449			79,847
Deferred Federal and state income taxes	13,278			9,678
Federal, state and foreign income taxes	10,930			16,990
Total current liabilities	$	381,907		$	356,136

Shareholders’ equity:
Preferred stock, par value $.01 per share.
Authorized 2,000,000 shares; none issued	—			—
Common stock, par value $.01 per share.
Authorized 320,000,000 shares; issued and outstanding 104,627,237 shares at June 30, 2003 and 104,220,940 shares at December 31, 2002	1,046			1,042
Additional paid-in capital	24,573			21,701
Retained earnings	556,697			512,036
Accumulated other comprehensive loss	(5,215		)	(10,967		)
Total shareholders’ equity	577,101			523,812

	$	959,008		$	879,948

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except share data)

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2003			2002			2003			2002
Revenues:
Airfreight	$	287,514		$	279,024		$	554,328		$	504,605
Ocean freight and ocean services	231,979			170,090			422,324			315,478
Customs brokerage and import services	106,220			86,642			205,407			165,213

Total revenues	625,713			535,756			1,182,059			985,296

Operating expenses:
Airfreight consolidation	219,738			216,653			421,078			383,207
Ocean freight consolidation	186,648			132,210			334,501			241,939
Customs brokerage and import services	41,066			30,749			78,193			57,300
Salaries and related costs	98,014			83,698			191,554			164,527
Rent and occupancy costs	11,462			10,175			22,457			19,900
Depreciation and amortization	5,923			5,751			11,702			11,412
Selling and promotion	5,332			4,858			10,639			9,296
Other	16,225			15,577			33,101			28,984
Total operating expenses	584,408			499,671			1,103,225			916,565

Operating income	41,305			36,085			78,834			68,731

Interest expense	(77		)	(66		)	(125		)	(132		)
Interest income	1,274			1,529			2,254			2,973
Other, net	1,106			92			1,896			1,349

Other income, net	2,303			1,555			4,025			4,190

Earnings before income taxes	43,608			37,640			82,859			72,921

Income tax expense	15,698			13,956			29,830			27,007

Net earnings	$	27,910		$	23,684		$	53,029		$	45,914

Diluted earnings per share	$	0.26		$	0.22		$	0.49		$	0.42

Basic earnings per share	$	0.27		$	0.23		$	0.51		$	0.44

Weighted average diluted shares outstanding	108,978,181			108,984,259			108,857,787			108,907,425

Weighted average basic shares outstanding	104,540,894			103,805,303			104,430,226			103,594,380

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2003			2002			2003			2002
Operating Activities:
Net earnings	$	27,910		$	23,684		$	53,029		$	45,914
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for losses on accounts receivable	(284		)	608			(86		)	484
Deferred income tax expense	342			819			3,286			4,889
Tax benefits from employee stock plans	1,088			1,975			3,245			4,983
Depreciation and amortization	5,923			5,751			11,702			11,412
Gain on sale of property and equipment	(39		)	(79		)	(82		)	(1,557		)
Other	702			242			1,685			492
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	(14,869		)	(43,379		)	12,685			(47,330		)
Increase in other current assets	(9,721		)	(3,446		)	(10,748		)	(4,695		)
Increase in accounts payable and other current liabilities	8,981			37,089			9,295			52,322

Net cash provided by operating activities	20,033			23,264			84,011			66,914

Investing Activities:
Decrease (increase) in short-term investments	(31		)	28			3			6
Purchase of property and equipment	(4,348		)	(5,238		)	(8,893		)	(10,071		)
Proceeds from sale of property and equipment	132			237			138			3,763
Cash paid for note receivable secured by real estate	—			(2,318		)	—			(2,614		)
Other	(217		)	(351		)	(4		)	(276		)

Net cash used in investing activities	(4,464		)	(7,642		)	(8,756		)	(9,192		)

Financing Activities:
Repayments of short-term debt, net	(35		)	(1,726		)	(884		)	(1,387		)
Proceeds from issuance of common stock	3,265			2,974			5,057			5,421
Repurchases of common stock	(3,453		)	(4,736		)	(5,427		)	(5,138		)
Dividends paid	(8,368		)	(6,235		)	(8,368		)	(6,235		)

Net cash used in financing activities	(8,591		)	(9,723		)	(9,622		)	(7,339		)

Effect of exchange rate changes on cash	5,192			4,426			6,923			4,166

Increase in cash and cash equivalents	12,170			10,325			72,556			54,549

Cash and cash equivalents at beginning of period	272,245			262,901			211,859			218,677

Cash and cash equivalents at end of period	284,415			273,226			284,415			273,226

Interest and taxes paid:
Interest	78			62			124			127
Income tax	21,371			12,688			35,412			16,519

Non-Cash Investing Activities - Cash held in escrow of $30,954 at December 31, 2002, was applied toward the purchase of land and a building in January 2003.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited)

	United States					Other N. America	Far East	Europe	Australia/ New Zealand	Latin America	Middle East	Elimi- nations		Consoli- dated
Three months ended June 30, 2003

Revenues from unaffiliated customers	$				126,365	17,789	337,424	99,488	7,491	8,576	28,580	—		625,713
Transfers between geographic areas	$				7,169	372	1,591	2,428	946	1,036	793	(14,335	)	—
Total revenues	$				133,534	18,161	339,015	101,916	8,437	9,612	29,373	(14,335	)	625,713

Net revenues	$				70,961	10,050	48,482	33,536	4,628	3,339	7,265	—		178,261
Operating income	$				13,034	1,457	19,665	4,407	848	400	1,494	—		41,305
Identifiable assets at quarter end	$				439,720	73,334	170,031	218,770	16,180	15,509	25,464	—		959,008
Capital expenditures	$			1,267		492	1,089	693	142	155	510	—		4,348
Depreciation and amortization	$			3,037		387	768	1,207	162	137	225	—		5,923
Equity	$			577,101		53,529	124,610	51,690	11,643	2,144	9,490	(253,106	)	577,101

Three months ended June 30, 2002

Revenues from unaffiliated customers	$		112,324			16,370	290,554	75,695	6,097	7,447	27,269	—		535,756
Transfers between geographic areas	$		6,122			533	1,610	2,263	1,122	838	772	(13,260	)	—
Total revenues	$		118,446			16,903	292,164	77,958	7,219	8,285	28,041	(13,260	)	535,756

Net revenues	$		64,572			9,420	42,227	26,500	3,873	3,034	6,518	—		156,144
Operating income	$		11,891			1,744	16,792	2,943	814	387	1,514	—		36,085
Identifiable assets at quarter end	$		446,609			36,773	140,680	133,377	12,290	7,072	24,881	—		801,682
Capital expenditures	$		2,495			305	518	1,116	478	19	307	—		5,238
Depreciation and amortization	$		3,162			362	670	1,024	136	147	250	—		5,751
Equity	$		462,566			19,048	115,561	38,089	8,478	543	9,308	(191,027	)	462,566

Six months ended June 30, 2003

Revenues from unaffiliated customers	$		247,194			35,244	623,304	188,983	13,880	16,462	56,992	—		1,182,059
Transfers between geographic areas	$		13,637			784	3,063	4,782	1,865	1,936	1,505	(27,572	)	—
Total revenues	$	260,831				36,028	626,367	193,765	15,745	18,398	58,497	(27,572	)	1,182,059

Net revenues	$	140,266				19,995	95,093	63,872	8,551	6,464	14,046	—		348,287
Operating income	$	23,931				3,302	38,720	7,832	1,514	990	2,545	—		78,834
Identifiable assets at quarter end	$	439,720				73,334	170,031	218,770	16,180	15,509	25,464	—		959,008
Capital expenditures	$	3,541				719	2,086	1,459	152	237	699	—		8,893
Depreciation and amortization	$	6,098				742	1,497	2,368	306	258	433	—		11,702
Equity	$	577,101				53,529	124,610	51,690	11,643	2,144	9,490	(253,106	)	577,101

Six months ended June 30, 2002

Revenues from unaffiliated customers	$	221,024				30,753	516,515	140,988	10,744	14,315	50,957	—		985,296
Transfers between geographic areas	$	11,485				969	3,022	4,489	2,024	1,650	1,372	(25,011	)	—
Total revenues	$	232,509				31,722	519,537	145,477	12,768	15,965	52,329	(25,011	)	985,296

Net revenues	$	127,080				17,696	82,428	50,371	7,010	5,849	12,416	—		302,850
Operating income	$	21,424				3,085	33,811	5,173	1,484	619	3,135	—		68,731
Identifiable assets at quarter end	$	446,609				36,773	140,680	133,377	12,290	7,072	24,881	—		801,682
Capital expenditures	$	3,809				487	1,140	3,208	612	59	756	—		10,071
Depreciation and amortization	$	6,351				730	1,357	1,900	247	317	510	—		11,412
Equity	$	462,566				19,048	115,561	38,089	8,478	543	9,308	(191,027	)	462,566

Certain 2002 amounts have been reclassified to conform to the 2003 presentation.