Furthermore, U.S. students seem to do fine on exams that require creativity (IMO, Putnam, etc.).
If you want to dig into the data itself, there's a passable interface to it here: http://nces.ed.gov/surveys/international/ide/
A large part of the "problem" seems to be because we're comparing a very large country to much smaller nation-states. Massachusetts outperforms almost the entire world [1]. Ignoring variance and how it relates to group size is a well-known problem. It is, for example, the reason the Gates Foundation erroneously spent $1 billion funding small schools [2]. It's a reasonable thing to think about doing, because small schools outperform large schools. But, small schools aren't only at the top, they're at the bottom, too! Small schools have higher variance. Small countries do, too.
[1] http://nces.ed.gov/timss/pdf/results11_Massachusetts_Math.pd...
[2] http://marginalrevolution.com/marginalrevolution/2010/09/the...