The onset of the COVID-19 pandemic saw non-residents sell large quantities of South African bonds and JSE data suggests that cumulative flows have not reversed since then. On a cumulative basis, foreigner sales of South African equities has been much larger still. Since the beginning of 2023, the JSE data shows net outflows of foreign capital out of equities and net inflows into bonds. SARB data (which is currently only available to 2022Q3) paint a similar picture for the period since 2020.
