Från Offsetting Behaviour:
Personally, I would not regard it as a bad thing if imports grew by more than exports. Remember that imports are a good thing and exports are the horrible price we have to pay in order to afford to import. To paraphrase Don Boudreaux, I'd be very very happy if I could, from the Principality of Cramptonia in South Brighton, Christchurch, import much more from my local supermarket without having to export more services to the University of Canterbury. And, indeed, if anyone is willing to dump products on Cramptonia at less than their cost of production, so long as I value the goods, I'm more than happy for them to do so.