The Swiss economy in World War II
Troops use horses to transport timber in the mountains© Theo Frey / Federal Archives Bern
Ration card for flour and fat. Rationing was first introduced in September 1939, and was gradually extended to cover not only foodstuffs but items like clothing and fuel. It was finally lifted in 1948.
The Hague Convention permits neutral states to trade freely with the belligerents in time of war, including the sale of armaments.
Germany had long been a major trading partner for Switzerland; its share of Swiss exports increased in the years 1940-44. Despite difficult communications and pressure from Berlin, trade with the Allies - in particular the US - continued, but amounted to only about one third of that with Germany.
The two axis powers (Germany and Italy) took 45% of Swiss exports in the years 1940-42. The main export items were machinery and iron and steel goods, tools and appliances, vehicles and chemicals.
These unquestionably contributed to the ability of the Axis to wage war, but the trade was reciprocal. The items imported by Switzerland - coal, petroleum products and raw materials for its factories, as well as food - were so many items removed from Germany's war effort.
Each of the warring sides was informed about Switzerland's trade with the other and consented to it.
Lines of communication with the Allies were restored when US forces reached the Swiss border in 1944. Switzerland then began to reduce its trade with Germany, but continued to permit non-military freight to cross its territory to reach northern Italy.
As a neutral financial centre, Switzerland did business with the Allies and with the Axis powers. Both sides sold gold to Switzerland. The Allies profited more from the Swiss financial market than did the Axis powers.
Because normal trade exchange was not possible during war, Switzerland was forced to exploit some of its own mineral resources which were too small to be profitable in normal times.
"Of all the neutrals Switzerland has the greatest right to distinction. She has been the sole international force linking the hideously-sundered nations and ourselves. What does it matter whether she has been able to give us the commercial advantages we desire or has given too many to the Germans, to keep herself alive? She has been a democratic State, standing for freedom in self defence among her mountains, and in thought, in spite of race, largely on our side."
Winston Churchill (1874 - 1965) British wartime Prime Minister