The market's correction mechanism for trade imbalances is currency devaluation. If a trade imbalance persists, the currency hasn't been devalued enough.
So to answer your question, I figure that the Dollar is still overvalued because our trade imbalance hasn't materially shrunk.
If there is a significant time lag in that indacator there could be problems. I think the high price of oil has also delayed any effect. Since all oil is priced in dollars and we import more of it than ever before, that complicates matters.
I think focusing on imports and exports as an economic indicator is just asking for disaster, although it's popular with politicians all over the world. I have two theories. One is exports are seen as a sign of virility, like penis size, even though they only make up a small fraction of the economy. The other is currency manipulation is one of those areas where governments can easily do manipulation and get away with it.