UPDATE 1-Canada Oct trade deficit shrinks as exports jump, imports fall

(Adds details of release, background)

OTTAWA, Dec 5 (Reuters) - Canada's trade deficit in October shrank to a five-month low of C$1.47 billion ($1.17 billion) from C$3.36 billion in September as exports rose for the first time since May and imports fell, Statistics Canada said on Tuesday.

Analysts polled by Reuters had forecast a shortfall of C$2.70 billion. The deficit was the lowest since the C$1.02 billion in May.

Exports grew by 2.7 percent, the biggest month-on-month increase since March, in part due to higher shipments of energy products to the United States to make up for a recent drawdown in refinery inventories.

Imports dipped by 1.6 percent on weaker demand for motor vehicles and parts amid work stoppages and planned shutdowns in the automotive industry.

Exports to the United States jumped 4.1 percent, while imports slipped by 0.6 percent. As a result, the trade surplus with the United States, which accounted for 74.9 percent of Canadian goods exports in October, expanded to C$3.52 billion from C$2.02 billion in September. ($1=$1.26 Canadian)

(Reporting by David Ljunggren; Editing by Jeffrey Benkoe)