WASHINGTON (AP) - The U.S. current account trade deficit widened in the first three months to the largest imbalance since late 2008, reflecting a big increase in imports in oil, cars and machinery and a drop in U.S. earnings on overseas investments.
The Commerce Department says the deficit in the current account, the broadest measure of trade, jumped 15.7 percent to $137.3 billion, up from $118.7 billion in the final three months of last year.
U.S. exports of goods increased 1.6 percent to $388.5 billion, but imports rose a larger 2 percent to $583 billion with increases in shipments of oil, foreign-made cars and industrial machinery.
America's surplus in services, things such as airline tickets and financial services, increased but the U.S. surplus in investment income declined.
AP Economics Writer