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The
Commerce Department said on Thursday the current account
deficit, which measures the flow of goods, services and
investments into and out of the country, increased 9.9 percent
to $113.3 billion. That was the largest shortfall since the
second quarter of 2012.
Economists polled by Reuters had forecast the deficit rising to
$117.0 billion. The government revised data going back to the
first quarter of 1999.
The first-quarter current account deficit represented 2.6
percent of gross domestic product, the highest since the third
quarter of 2012, from 2.3 percent in the fourth quarter.
Still, the deficit remained well below a record high of 6.3
percent touched in the fourth quarter of 2005 as strong domestic
energy production keeps the import bill in check.
The robust dollar has hurt the profits of multinational
corporations and is also constraining export growth. The dollar
gained about 4.5 percent against the currencies of the United
States' main trading partners in the first quarter.
Multinationals like Microsoft Corp <MSFT.O>, household products
maker Procter & Gamble Co <PG.N> and healthcare conglomerate
Johnson & Johnson <JNJ.N> have warned the dollar will hit sales
and profits this year.
In the first quarter, direct investment income receipts from
abroad fell $9.1 billion to $109.5 billion. Exports of goods
fell 6.5 percent to $382.7 billion. That was the lowest level
since the third quarter of 2011, likely reflecting the impact of
labor disruptions at the West Coast ports.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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