By Dion Rabouin

June 14 (Reuters) - Emerging market credit default swaps' trading volume rose 43 percent in the first quarter from the previous period, according to survey results released on Tuesday.

EMTA, the emerging markets debt trading and investment industry trade association, said volume rose to $363 billion from $254 billion in the fourth quarter but was down 5 percent from a year earlier.

The number of major firms reporting volumes remained at 13.

Investors buy CDS as a way to insure the debt they own against a default or restructuring.

"The high volume this quarter should alleviate concerns that CDS is a shrinking market," said Bank of America Merrill Lynch strategist Jane Brauer.

She said trading volume was similar to levels in 2014 and 2015 and far above those in 2012 and 2013 despite regulatory limitations of trading some European credits.

Brauer added that volumes were likely to grow as Argentina's CDS contracts resumed trading last month.

Brazilian CDS trading volumes were the largest of any single sovereign during the first quarter, at $57 billion, up from $37 billion in the fourth quarter.

Brazil was followed by Turkey at $41 billion and Mexico at $35 billion.

Nine corporate CDS contracts in emerging markets are traded. The highest reported quarterly volume was for Mexican state-owned oil company Pemex at $3 billion.

(Reporting by Dion Rabouin; Editing by Lisa Von Ahn)