• Recent press reports have highlighted large capital outflows from emerging markets. But the outflows on which these press reports are based are swamped by Chinese data.
  • And as illustrated below, the situation in the Pacific Alliance countries (PAC) is more nuanced, with some components of the capital account recording outflows while other components have experienced sizeable inflows. On balance, net capital flows for the PAC have been positive over the past year.
  • A caveat is warranted: capital flows data, including the IMF data reported below, is subject to definitional and data gathering challenges that make cross-country comparisons difficult.


  • Capital inflows of Foreign Direct Investment (FDI) were recorded in all of the PAC in last quarter available (Q1-2022).
  • The PAC, excluding Chile, experienced outflows of portfolio investment in Q1-2022.
  • Over the last 12 months, current account deficits in Chile, Colombia and Peru were financed with portfolio inflows.
  • Meanwhile, Mexico experienced portfolio outflows over the last 12 months, offset by strong FDI inflows.
  • Portfolio investment appetite of foreign investors is explained by high interest rates and depreciated currencies.
Chart: Chile: Capital Flows; Table: Chile—Capital Outflows (+) & Inflows (-)
Chart: Colombia: Capital Flows; Table: Colombia—Capital Outflows (+) & Inflows (-)
Chart: Mexico: Capital Flows; Table: Mexico—Capital Outflows (+) & Inflows (-)
Chart: Peru: Capital Flows; Table: Peru—Capital Outflows (+) & Inflows (-)
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