In the aggregate figure for Swiss goods exports, the price per kilo of Rolex can be found alongside the price per kilo of Tamiflu or per kilo of a regional train. This makes an international comparison problematic. Thus, in addition to using unit values for aggregate exports, I will also include unit values for individual sectors. Unsurprisingly, there are major differences between the sectoral unit values for Switzerland. Last year, watch exports had the highest unit value, at around EUR 7,000 per kilo. This was followed – by quite a considerable margin – by pharmaceuticals, at roughly EUR 320 per kilo. Exports of precision instruments were also somewhat above-average, at around EUR 150 per kilo. 15 Where does Switzerland stand by international standards? Compared with many other European countries, the unit value of Swiss goods exports is very high. The only other country with a similarly high unit value for its exports is Ireland. 16 When looking across sectors, it is evident that a considerable part of Switzerland’s quality advantage can be attributed to watch exports. Averaged over the last ten years, their unit value was almost 40 times higher than in the EU (cf. chart 3). But there are also several other sectors where Switzerland has a higher unit value than the EU, for example precision instruments. This is a sector where Switzerland also has a comparative advantage; partly due to historical factors, but also to continuous innovation.
Although exports in most product categories over the last 20 years have increased in absolute terms; in relative terms, we have seen a clear shift from exports of productionrelated goods to exports of consumer goods. In the last two decades, the proportion of consumer goods has practically doubled and now amounts to more than 50% (cf. chart 2). 13 With this high share, Switzerland far outstrips other industrialised countries. 10  When comparing the share of exports to Asian countries with the German economy – which also registered a significant rise – the equivalent figure for Switzerland is still roughly 50% higher. 11  In the case of Switzerland, the surplus is significant even in quantitative terms. Averaged over the last few years, the surplus in Switzerland’s goods trade with Asia accounted for just over 2% of Swiss GDP, and this trend is on the increase. 12  The picture is similar for Switzerland’s trade with the BRIC countries. Switzerland’s trade surplus with China is also a reflection of the comparatively small share of imports from China. Busch (2010) attributes this to the fact that, because of Switzerland’s specialisation in pharmaceuticals and precision instruments, the Swiss industry can find only relatively few relevant intermediate products in China. Cf. Christian Busch (2010), Die Struktur des Schweizer Aussenhandels mit China – eine vergleichende Analyse. 13  The shift from capital goods to consumer goods is a general trend in Switzerland’s export activity across all trading partners. 4  BIS Review 157/2010  Chart 2  Source: FCA.