(photo: Marcello Casal Jr / Agencia Brasil)

The stampede of foreign capital in Brazil continues at an accelerated pace, reflecting the growing distrust of investors in emerging markets amid the Covid-19 pandemic, caused by the new coronavirus.

According to data from the Central Bank on exchange rate flow released this Wednesday (04/01), the net outflow of resources from the country totaled US $ 10.8 billion accumulated since the beginning of the year until the last 27, registering a jump of 145% over $ 4.4 billion in the same period in 2019.

Only the net outflow of financial capital this year totaled US $ 24.2 billion up to March 27. This result was partially offset by the balance of foreign trade, which was positive at US $ 13.4 billion, due to exports of US $ 52.2 billion against US $ 38.8 billion in imports in the same period.

Trend

Foreign exchange flow data in the months of February and March show a growth trend in the withdrawal of resources from the country. Last month, net outflows totaled US $ 4.4 billion and, in this month, the negative balance is already at US $ 6 billion, according to BC data.

In fact, the BC reduced the expectation of direct investment in the country (IDP) from US $ 80 billion to US $ 60 billion for the year.

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