C$3.86 billion marked Canada's June trade surplus, the highest since May 2022 and above the C$3.00 billion analysts expected.
A 1.7-U.S.-cent drop in the Canadian dollar — the biggest monthly fall since October 2022 — inflated trade values in local-currency terms; in U.S. dollars, exports fell 2.0% and imports dropped 2.1%.
Exports still rose 0.4% in Canadian-dollar terms, helped by a 16.5% jump in metal and non-metallic mineral shipments, while a 10.0% decline in energy exports offset much of the gain.
U.S. trade remained dominant as 69.5% of Canadian exports went south of the border in June, but Canada's surplus with the United States narrowed to C$9.98 billion from C$11.12 billion in May.