The US current account deficit rose nearly 6 per cent in the first quarter of 2003 to a record $136.1 billion, the government said today.
The current account is the broadest measure of international trade, including investment and transfer flows as well as the movement of goods and services across borders.
The Commerce Department also lowered its estimate of the 2002 current account gap to a record $480.9 billion from its previous figure of $503.4 billion. That included a downward revision for the fourth quarter to $128.6 billion from $136.9 billion.
The first-quarter figure was much smaller than the average estimate of $141.2 billion made by analysts surveyed before the report.
The US dollar extended its advance after the report. The growing deficit has put downward pressure on the value of the dollar, especially against the European common currency.
Many analysts believe the huge gap is unsustainable over the long run and raises the risk of a sharp correction and an even weaker dollar.
The first quarter rise was driven by a 4.7 per cent increase in the goods and services deficit to $121.6 billion.
The much smaller deficit in transfer payments grew 10.9 per cent to $17.1 billion.