140 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,
SWITZERLAND.

Introduction.—So far as foreign trade is concerned Switzerland
In many respects surpasses all other countries. Without either coal
or extensive water transportation, without a seaport, and forced to
import nearly all its raw materials, it has succeeded in developing
a remarkable export trade! In proportion to the total value produced
 the value of its articles exported doubtless far exceeds that
of any other industrial country. Its economic life is largely dependent
 upon foreign trade.?
Two of its leading industries are textiles and watchmaking; and
five-sixths of the textile production and 86 per cent of the watches
manufactured are exported. Of the total Swiss exports in 1912,
foodstuffs valued at 198,100,000 francs ($39,620,000) made up 14 per
per cent, raw products valued at 149,300,000 francs ($29,860,000)
made up 11 per cent, and manufactures valued at 1,010,200,000 francs
($202,040,000) made up approximately 75 per cent. If cheese, condensed
 milk, and chocolate are included in manufactures, the latter
will amount to about 89 per cent, which is unequaled by any other
country.* England is the chief export market for Swiss products.
In 1912 approximately one-fifth of the total Swiss exports went to
England; chiefly silk goods, embroidery, watches, condensed milk,
and chocolate. Three-fifths of the Swiss exports to Germany, the
second largest buyer, are semimanufactured goods. The United
States ranks third. In 1912 goods valued at 132 million francs
($26,000,000) were exported to this country from Switzerland ;
chiefly embroidery, silk goods, cheese, watches, and dye colors.
The value and importance of the principal Swiss exports were as
follows in 1912 : Embroidery, 219 million francs ($43,000,000) ; watchmaking,
 178 million ($35,000,000); silk goods, 115 million ($23,
900,000) ; machinery, 108 million ($21,000,000); cheese, 64 million
($12,000,000) ; chocolate, 55 million ($11,000,000); condensed milk,
£7 million ($9,000,000) ; silk ribbons, 41 million ($8,000,000; cotton
goods, 87 million ($7,000,000); spun silk and twist, 31 million
($6,000,000) ; colors, 27 million ($5,000,000); dyed silk 22 million
($4,000,000) ; cotton yarn, 17 million ($3,000,000).
Among the chief factors that have contributed to the expansion
of foreign trade are the following: (1) The high-grade quality of
Swiss manufactures, (2) small profits and low prices, (3) efficient
business organization and cooperation, (4) cooperation of banks with
manufacturers and exporters; (5) the exceptionally hich commercial

LP. H. Schmidt, Die schwelz. Industrien im internationalen Konkurrenzkampfe, 1912,
p. 265.
?T. Geering u. R. Hotz, “ Wirtschaftskunde d. Schweiz,” 1014, p. 42,
'J. Grunzel, * Uber Kartelle,” Leipzig, 1902, p. 813.
AT. Geering u. R. Hotz, op. cit, p. 74.