WASHINGTON (AP) - The deficit in the broadest measure of U.S. trade rose in the first quarter to the highest point in more than a year as rising global oil prices and a rebounding economy pushed up imports sharply.
The Commerce Department says that the deficit in the current account increased to $109 billion in the January-March period, compared to a revised $100.9 billion in the fourth quarter of last year.
The current account deficit narrowed to $378.4 billion in 2009, down a sharp 43.4 percent from the 2008 deficit of $668.9 billion. The big drop reflected a deep recession in the United States which cut demand for imported goods. But with the U.S. economy recovering, analysts believe the trade deficit will increase this year.