• Exports to US surge 27%, while imports climb 51.6% in October

ISTANBUL

The UK's trade balance posted a deficit of £19.9 billion ($26.6 billion) in October, down from the previous month, the Office for National Statistics (ONS) said Friday.

The market had expected the monthly deficit to come in at £19.1 billion in October.

The country's exports totaled £31 billion, up 5.2% month-on-month, while goods imports reached £50.8 billion, also rising 1.5%.

Exports to EU member states were at £14.7 billion, up 1.7% monthly, while imports came in at £26.8 billion, increasing 1.2%, resulting in a deficit of £12.1 billion.

The trade deficit to non-EU countries was £7.7 billion, with exports climbing 8.6% to £16.3 billion and imports rising 1.9% to £24 billion.

Exports to the US surged by 27% or by £1.1 billion in October after two consecutive monthly declines.

Meanwhile, imports from the US also soared 51.6% or by £2.2 billion, mainly due to higher imports of material manufactures, which was linked to an increase in non-ferrous metals.

"Non-ferrous metals include silver, platinum and palladium bullion bars, which are components of precious metals. Trade in precious metals can be large and highly volatile, distorting underlying trends in trade in goods," it added.