UK Trade Balance Posts USD26.6B Deficit in October

(MENAFN) UK’s trade deficit contracted to £19.9 billion ($26.6 billion) in October from the previous month's figure, the Office for National Statistics (ONS) reported Friday.

Market analysts had projected the monthly shortfall would reach £19.1 billion for October.

British exports totaled £31 billion, climbing 5.2% from September, while goods imports hit £50.8 billion, advancing 1.5%.

Trade with EU member states showed exports at £14.7 billion, up 1.7% monthly, alongside imports of £26.8 billion, rising 1.2%, producing a £12.1 billion deficit.

The trade gap with non-EU nations stood at £7.7 billion, as exports jumped 8.6% to £16.3 billion and imports increased 1.9% to £24 billion.

US-bound exports skyrocketed 27%, or £1.1 billion, in October following two straight months of decline.

Simultaneously, US imports surged 51.6%, or £2.2 billion, driven primarily by elevated material manufactures purchases, particularly 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.

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