The U.S. trade deficit swelled to an all-time monthly high of US$144.9 billion in the first quarter of this year, reflecting Americans’ insatiable appetite for foreign-made goods.

The latest snapshot of trade activity, released by the Commerce Department on Friday, showed that the current account deficit was 14.1% larger than the US$127 billion shortfall registered in the fourth quarter of 2003.

The first-quarter’s deficit figure was bigger than the US$139.6 billion trade gap that some economists were forecasting and exceeded the previous record high of $138.2 billion set in the first quarter of 2003.

The current account report is considered the best measure of a country’s international economic standing because it tracks not just the goods and services reflected in the government’s monthly trade report, but also investment flows between countries and unilateral transfers, including U.S. foreign aid payments.