WASHINGTON, June 18 (UPI) -- The U.S. Commerce Department said Friday the nation's current account deficit widened to a record $144.9 billion in the first quarter.
The government report showed the broadest gauge of the nation's global trade was lifted to record heights by Americans' sharp appetite for imports.
The current account deficit increased to $144.9 billion during January through March from $127 billion in the fourth quarter.
The Commerce Department said it was the widest gap on record, surpassing a deficit of $138.2 billion posted in the first quarter of 2003.
The current account balance combines trade of goods and services with international financial transactions.
Most Wall Street economists had expected the first-quarter deficit to post a gap of $141.5 billion.
The report showed a $136.9 billion shortfall in goods and services trade accounted for most of the first-quarter's current account deficit and was wider than the fourth- quarter's $125.5 billion.
Imports of goods in the first quarter expanded $18.4 billion to $344.7 billion from $326.3 billion -- much of the increase was in industrial supplies and consumer and capital goods.
Exports of goods, on the other hand, advanced $7 billion to $193.9 billion from $186.9 billion.
