The government is attempting to develop an offshore financial industry in order to diversify the island's production base. It grew rapidly in 1990 as a result of higher banana prices and increased construction and tourism activity, then slowed again in 1991. During 1993 and 1994, banana prices fell significantly. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. Agricultural diversification is a priority, and Dominica has made some progress toward it, with the export of small quantities of citrus fruits and vegetables and the introduction of coffee, patchouli, aloe vera, cut flowers, and exotic fruits such as mangoes, guavas, and papayas.
Soap is the island's second most important export after agricultural products.
To attract export-oriented industry, the government has constructed factories for lease to investors. The country has recruited a number of foreign investors in light industry and food processing. Development of tourism has been slow compared with that on neighboring islands because Dominica is mostly volcanic and has few beaches. But with high, rugged mountains covered by unexploited rainforests, freshwater lakes, hot springs, waterfalls, and diving spots, Dominica's unique landscape is beginning to attract tourists. Although still a small part of Dominica's economy, tourism is a growing source of foreign currency.