HoweStreet.com: "Although the dollar has indeed fallen for three consecutive years, and is now trading near its all-time record low, America's monthly trade deficit is now at its highest level ever. If November's dismal performance were repeated each month for an entire year, America's annual trade deficit would eclipse $700 Billion (approximately $2,333 worth of borrowed goods for every man, woman, and child in the United States). However, in the absence of a significant change in the current dynamic, and given its current trajectory, this staggering projection is likely to be exceeded.

The reality is that a falling dollar, by it self, only exacerbates the trade deficit, by increasing the cost of imports. In addition, as domestic savings continues to decline, America becomes less able to finance the capital investments necessary to increase the production of consumer goods, thereby diminishing its ability to export. Today's data evidences this perfectly, as imports rose 1.3% while exports fell 2.3%"

Emphasis mine.

(Via Google News.)