Canada’s merchandise trade surplus moved up in May to $4.1 billion, from a revised $3.9 billion in April, Statistics Canada reported today.

However, that missed forecasts of $4.5 billion as declines in the energy sector in May contributed to a fourth drop in exports over the past five months.

Exports decreased 0.2% to $37 billion as the energy products, agricultural and fishing products, forestry products, and machinery and equipment sectors all posted declines.

However, there were export gains in industrial goods and materials, automotive products, and other consumer goods.

Also contributing to the improvement in the trade surplus was a decrease in merchandise imports of 0.8% to $32.9 billion in May.