London: The UK's trade balance recorded a deficit of £19.9 billion ($26.6 billion) in October, marking a decrease from the previous month, as reported by the Office for National Statistics (ONS) on Friday.

According to Anadolu Agency, market expectations had predicted the monthly deficit to be £19.1 billion in October. The country's exports increased to £31 billion, reflecting a 5.2% rise month-on-month, while goods imports reached £50.8 billion, an increase of 1.5%.

Exports to EU member states amounted to £14.7 billion, an increase of 1.7% from the previous month, while imports rose to £26.8 billion, up by 1.2%, resulting in a £12.1 billion deficit. The trade deficit with non-EU countries was £7.7 billion, with exports rising by 8.6% to £16.3 billion and imports increasing by 1.9% to £24 billion.

The report highlighted a significant surge in exports to the US, which increased by 27% or £1.1 billion in October after two consecutive months of declines. Imports from the US also saw a substantial jump of 51.6% or £2.2 billion, primarily due to higher imports of material manufactures linked to an increase in non-ferrous metals. The ONS noted that non-ferrous metals, including silver, platinum, and palladium bullion bars, are components of precious metals, and trade in these items can be large and highly volatile, potentially distorting underlying trends in goods trade.