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.