OTTAWA - Canada's current account deficit in the fourth quarter narrowed sharply to $10.73 billion, its lowest in more than five years, thanks largely to rising exports, Statistics Canada said on Wednesday.

Analysts polled by Reuters had expected a $9.75 billion deficit. The shortfall was the lowest since $10.17 billion recorded in the third quarter of 2011.

For 2016 as a whole, the current account deficit hit a second consecutive annual high, edging up to $67.70 billion from $67.55 billion in 2015.

The balance on international trade in goods in the fourth quarter posted a surplus of  $793 million, the first since the third quarter of 2014.

Exports, a key part of the Bank of Canada's economic outlook, jumped by $6.29 billion to $136.55 billion. Energy products were the major contributor to export growth, benefiting from both higher prices and volumes.

The deficit on trade in services dipped slightly to C$5.46 billion while foreign investment in Canadian securities totaled $33.26 billion.