As the markets became more certain that tapering would begin, portfolio outflows proceeded at a significant rate. Between November 2013 and January 2014, net sales of bonds by non-residents amounted to R46 bn while net equity sales amounted to R25 bn.
It is also clear that the sharp deterioration in the saving-investment balance in the US in the recent years along with sustained rise in consumption demand, could only be met by rising imports; hence  BIS Review 56/2006  1  rising large current account deficits in the US.