OTTAWA — Canada’s international trade balance swung to a surprise surplus in December, as energy-driven exports grew at pace not seen in 29 years.

Statistics Canada said Friday that exports rose 9.7% — the largest percentage gain in 29 years —to $37.8-billion during the month, while imports edged up 0.7% to $34.8-billion.

That resulted in a trade surplus of $3-billion — the highest level since October 2008, just ahead of the recession —and a dramatic turnaround after nine months of deficits.

Economists had forecast a deficit of between $250-million to $400-million for December, following a revised deficit of $115-million in the previous month.

“Energy products accounted for over half the growth in the value of exports, followed by industrial goods and materials, which reached a record high,” Statistics Canada said. “Notable increases were also recorded in exports of machinery and equipment, agricultural and fishing products as well as forestry products.”

At the same time, Canada’s trade surplus with the United States —its biggest trading partner —rose to $5.1-billion from $3 billion in November. The December number was also the largest since October 2008.

Exports to the U.S. were up 10.8% to $26.7-billion —the highest level since November 2008 and the biggest percentage since August 1982 — while imports rose 2.3% to $21.6-billion.

Statistics Canada economist Mychele Gagnon, however, cautioned against reading too much into historic comparisons based on percentage gains as “we are talking about much smaller values than what we’re seeing today.”

Meanwhile, Canadian exports to countries other than the United States rose 7.3% in December — the sixth consecutive monthly gain —while imports edged down 1.9%. As a result, Canada’s trade deficit with those countries narrowed to $2.1-billion from $3.1-billion in November.

Douglas Porter, deputy chief economist at BMO Capital Markets, said “the big question is whether this was a one-month wonder, or a sudden shift to a new higher plane for Canadian exports.”

But the upswing in U.S. spending “is indeed providing a sizable boost for exporters, at long last,” he said. “This strong year-end performance points to a solid December GDP result, and has prompted an upward revision to our call on Q4 growth to 3% and for 2011 to 2.8%.”

The Bank of Canada, meanwhile, is forecasting slightly lower growth of 2.3% in fourth quarter and 2.4% expansion this year.

However, central bank has warned that a stronger Canadian dollar and poor productivity levels means the country will not “fully benefit” from improving for U.S. and global economies.

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