OTTAWA, May 12 (Reuters) - Canadian exports unexpectedly slipped in March on falling energy prices, causing the trade surplus to shrink sharply to C$254 million ($249 million) from C$1.15 billion in February, according to Statistics Canada on Wednesday. Analysts surveyed by Reuters had expected the surplus to grow slightly to C$1.55 billion, forecasting modest gains in both exports and imports. The trade surplus had been larger than expected in the previous two months. After six months of gains, exports were dragged down 0.7 percent in March by lower prices for crude oil and natural gas. Canada is the top supplier of oil to the United States, so the weaker exports resulted in a narrowing of its trade surplus with the United States to C$3.8 billion in March from C$4.3 billion the previous month. Machinery and equipment exports also fell, while industrial goods and materials sales rose thanks to a surge in precious metals prices. Exports of forestry products climbed, largely on the strength of wood pulp sales. Precious metals prices also explained much of the 2 percent jump in imports in March to a higher-than-expected C$33.28 billion, Statscan said. Imports grew in industrial goods and materials and energy products but fell in automotive products and consumer goods. ($1 = $1.02 Canadian) (Reporting by Louise Egan, Editing by Chizu Nomiyama)

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