• Dominica

    Dominica

     Development Challenges
    Dominica continues its transition from an agriculture based economy to a more modern, high value added services economy. The country has reduced poverty and unemployment significantly for the last decade although presents the lowest income per capita in the Eastern Caribbean Currency Union (ECCU) area, estimated at US$13,600 in 2011 . Unlike most Caribbean countries, Dominica´s economy was resilient to the global financial crisis due to continued aid flows, a prudent fiscal management, a well- targeted stimuli program and its lower dependence on the tourism sector. This island, with a surface of 750 sq km and a population of around 72,000 , still faces development challenges:

    • Overdependence on aid flows and foreign debt
    • Vulnerability to external shocks and natural disasters
    • Diseconomies of scale and narrow production base
    • Improve infrastructure
    • Poverty, inequality and insecurity, with 30% of the population living below the poverty line
    • Skills gap and high unemployment, estimated at 30%
    • Promote good governance
    • Lack of growth drivers

    Key Trade Issues

    • Further economic and commercial regional integration within Organisation of Eastern Caribbean States (OECS) and CARICOM
    • As a CARIFORUM member, further implementation of the Economic Partnership Agreement between this regional group and the EU
    • As part of CARICOM, finalise negotiations for a Free Trade Agreement (FTA) with Canada
    • Strengthen the competitiveness of its export oriented banana producers, due to the reduction of the preferential margin for ACP banana-exporting countries set by the EU banana trade regime

    Government Priorities 

    • Fiscal consolidation
    • Increase tourism revenues and develop agriculture
    • Explore the possibilities of geothermal energy as an alternative to diversify the energy mix and manage effectively Dominica´s water resources
    • Modernization of processes, training and introduction of new technologies
    • Improve the business environment to attract foreign direct investment
    • Improve social protection and social assistance programmes

    The elements of the Eight Point Programme are:

    • Suitably adapted Financial Programmes for each country
    • Fiscal Reform Programmes
    • Debt Management Programmes
    • Public Sector Investment Programmes
    • Social Safety Net Programmes
    • Financial Safety Net Programmes
    • Amalgamation of the Indigenous Commercial Banks
    • Rationalisation, Development and Regulation of the Insurance Sector

    Trade and Tariff Graphs

    Graphs of the country’s export markets, its export performance in a key sector and tariffs exporters of a sample product face.
    Trademap sample Trademap sample: The map uses color codes to illustrate the relative size of different markets in the overall exports of the country shown in pink.
    Trademap sample Trademap sample: The vertical axis shows import values by key importing countries, while the horizontal axis shows export values by the country for the same sector. I.e. the country has gained market share in the case of an importing country at the bottom right of chart and lost market share for countries top left. The size of circles is proportional to market size.
    Market access map sample Market access map sample: The world map shows trade values and tariff levels for a key export product by importing countries. Color codes indicate protection levels. Red circles denote trade volumes.

    Trade and Investment Data

    Detailed data on the country’s export performance, key imports and foreign investment, grouped by product and service categories (HS and BOP).

    Trade Information Sources

    A listing of country specific print and online publications on trade related topics. Includes information from both ITC and external sources.

    Trade Contacts

    The most important trade contacts, including importers’ and exporters’ associations, trade support institutions, trade promotion organizations and institutions providing business development assistance.