Canadian merchandise imports and exports declined in May for the second consecutive month after both reached record levels in March.

The nation’s trade balance with the world remained relatively unchanged at $5.9 billion, as imports and exports fell by nearly the same value, Statistics Canada said.

Exports fell 1.2% to $39.9 billion, largely the result of declines in automotive products and, to a lesser extent, in agricultural, fishing and forestry products. Exports have hovered around the $40 billion mark since December 2006.

Imports declined 1.4% to $34.1 billion in May, despite robust growth in energy products.

Canada’s trade surplus with the United States narrowed to $7.8 billion in May from a revised $8.1 billion in April.

The value of imports and exports from countries other than the United States declined, although the decline in imports was twice that of exports so the deficit with these countries narrowed to $1.9 billion.

In constant dollar terms, exports fell to $37.9 billion, while imports rose slightly to $39.2 billion.

Separately, StatsCan reported that new housing prices in Canada increased at their slowest pace in just over a year in May, continuing a trend in deceleration that started in September 2006.

Contractors’ selling prices in May were 8.6% higher than they were in May 2006. This increase was slightly slower than the 8.9% year-over-year gain recorded in April.