TRANSLATION: They are buying up at pennies on the dollar our closed and bankrupt factories which are then shipped (imported) lock stock and barrel and set up in China with the assistance of their U.S. partners (the 'services' they are buying). This is not 'trade'. This is conquest, 'booty' and 'spoils'.
Trouble is, these ill-gotten gains go on the quarterly bottom line, the stock price goes up, and everyone gets giddy and twittery, fat, dumb, and happy, thinking "profits" or "productivity" is up. When the fact is it has nothing to do with production. It's liquidation.
I know there are whole businesses out there, after-market "salvors" (can't really call it salvage) whp specialize in picking over the bones of shutdown plants and offering the dregs for sale to the highest bidder. Kind of like vultures, I guess.