PRICING SUPPLEMENT

                                                    Registration No. 333-108272
                                               Filed Pursuant to Rule 424(b)(2)

                          United Parcel Service, Inc.

                                   UPS Notes

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Pricing Supplement No. 18                                   Trade Date:01/26/04
(To Prospectus dated September 8, 2003 and                 Issue Date: 01/29/04
Prospectus Supplement dated September 12, 2003)

The date of this Pricing Supplement is January 27, 2004



                                                                                   
     CUSIP
       or
  Common Code           Principal Amount         Interest Rate           Maturity Date         Price to Public
  -----------           ----------------         -------------           -------------         ---------------
   91131UHB3              $3,624,000.00              4.50%                 07/15/15                 100%



Interest Payment
   Frequency                                      Subject to             Dates and terms of redemption
  (begin date)          Survivor's Option         Redemption             (including the redemption price)
----------------        -----------------         ----------             --------------------------------
    monthly                    Yes                   Yes                         100% 01/15/05
   (02/15/04)                                                               semi-annually thereafter


                          Discounts and
Proceeds to UPS            Commissions            Reallowance                Dealer              Other Terms
---------------            -----------            -----------                ------              -----------
 $3,570,546.00             $53,454.00                $2.00             ABN AMRO Financial
                                                                         Services, Inc.