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The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit widened to $113.3 billion in the first quarter from $103.1 billion in the fourth quarter, beating expectations for a deficit of $117.0 billion. The fourth quarter's figure was revised up from a deficit of $113.5 billion.
It was the largest current account deficit since the second quarter of 2012.
The trade deficit increased as exports of goods declined to $382.7 billion in first quarter from $409.1 billion in the fourth quarter.
The decline was partly driven by falling oil prices and lower exports due to the stronger U.S. dollar.
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