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If you want to increase your trade power in the node, markets, light ships, and upgrading trade centers will help quite a bit, although you'll always be losing money from others steering trade away - it's simply unavoidable.
If you want to increase Ragusa's value, manufactories will help with this, although they're quite expensive themselves. And, of course, you can steer trade there yourself.
And never forget the Holy Grail, Trade Ideas!
It is, but it's mostly because Venice and Constantinople are both pretty good nodes.
Cloth, Salt, Wine (in that order) are not too bad in terms of value, Cloth should relatively quickly go to 3.6, and Salt to 3.3; Wine fluctuates a bit and I mostly forgot what changes it.
Long-term, you focus on moving to a better node (like Venice), but that obviously requires conquering a bunch of stuff. Before that, you make money leak from richer nodes upstream (since your only upstream node is constantinople, send light ships there), and stop others from leaking all your money (e.g. embargo venice). If all else fails and you can't get any decent amount of cash from Ragusa, well you're close enough to better nodes to just send privateers there (assuming you have whatever DLC unlocks it).
Unless you have a gold mine, I'd say improving cloth provinces would be the best choice if you have the monarch points to spare, especially considering that cloth reduces the dev cost by 10% (but then it's often a matter of terrain as well, and the game can sort the most profitable province to dev by itself, if you don't consider trade).
Just theorizing on it, I'd say your best shot would be to protect trade as much as possible in constantinople, since all is set to make it a relatively rich node, and all its wealth naturally trickles back to Ragusa. On the opposite, the regular Ottoman player should focus on dominating Ragusa as much as possible, to specifically stop the Constantinople node from leaking money to them.
You may need to expand in these nodes to stop the drain but after that it's much better move there since upstream trade power will not help that much.