diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index 2b98d80a7e883..0c5807f75197e 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -28274,7 +28274,8 @@ namespace ts {
                     return true;
                 }
                 const target = getSymbolLinks(symbol!).target; // TODO: GH#18217
-                if (target && getModifierFlags(node) & ModifierFlags.Export && target.flags & SymbolFlags.Value) {
+                if (target && getModifierFlags(node) & ModifierFlags.Export &&
+                    target.flags & SymbolFlags.Value && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     // An `export import ... =` of a value symbol is always considered referenced
                     return true;
                 }
diff --git a/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.js b/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.js
new file mode 100644
index 0000000000000..961d3ccd500b9
--- /dev/null
+++ b/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.js
@@ -0,0 +1,128 @@
+//// [exportImportCanSubstituteConstEnumForValue.ts]
+module MsPortalFx.ViewModels.Dialogs {
+
+    export const enum DialogResult {
+        Abort,
+        Cancel,
+        Ignore,
+        No,
+        Ok,
+        Retry,
+        Yes,
+    }
+
+    export interface DialogResultCallback {
+        (result: MsPortalFx.ViewModels.Dialogs.DialogResult): void;
+    }
+
+    export function someExportedFunction() {
+    }
+
+    export const enum MessageBoxButtons {
+        AbortRetryIgnore,
+        OK,
+        OKCancel,
+        RetryCancel,
+        YesNo,
+        YesNoCancel,
+    }
+}
+
+
+module MsPortalFx.ViewModels {
+
+    /**
+     * For some reason javascript code is emitted for this re-exported const enum.
+     */
+    export import ReExportedEnum = Dialogs.DialogResult;
+
+    /**
+     * Not exported to show difference. No javascript is emmitted (as expected)
+     */
+    import DialogButtons = Dialogs.MessageBoxButtons;
+
+    /**
+     * Re-exporting a function type to show difference. No javascript is emmitted (as expected)
+     */
+    export import Callback = Dialogs.DialogResultCallback;
+
+    export class SomeUsagesOfTheseConsts {
+        constructor() {
+            // these do get replaced by the const value
+            const value1 = ReExportedEnum.Cancel;
+            console.log(value1);
+            const value2 = DialogButtons.OKCancel;
+            console.log(value2);
+        }
+    }
+}
+
+
+//// [exportImportCanSubstituteConstEnumForValue.js]
+var MsPortalFx;
+(function (MsPortalFx) {
+    var ViewModels;
+    (function (ViewModels) {
+        var Dialogs;
+        (function (Dialogs) {
+            function someExportedFunction() {
+            }
+            Dialogs.someExportedFunction = someExportedFunction;
+        })(Dialogs = ViewModels.Dialogs || (ViewModels.Dialogs = {}));
+    })(ViewModels = MsPortalFx.ViewModels || (MsPortalFx.ViewModels = {}));
+})(MsPortalFx || (MsPortalFx = {}));
+(function (MsPortalFx) {
+    var ViewModels;
+    (function (ViewModels) {
+        var SomeUsagesOfTheseConsts = /** @class */ (function () {
+            function SomeUsagesOfTheseConsts() {
+                // these do get replaced by the const value
+                var value1 = 1 /* Cancel */;
+                console.log(value1);
+                var value2 = 2 /* OKCancel */;
+                console.log(value2);
+            }
+            return SomeUsagesOfTheseConsts;
+        }());
+        ViewModels.SomeUsagesOfTheseConsts = SomeUsagesOfTheseConsts;
+    })(ViewModels = MsPortalFx.ViewModels || (MsPortalFx.ViewModels = {}));
+})(MsPortalFx || (MsPortalFx = {}));
+
+
+//// [exportImportCanSubstituteConstEnumForValue.d.ts]
+declare module MsPortalFx.ViewModels.Dialogs {
+    const enum DialogResult {
+        Abort = 0,
+        Cancel = 1,
+        Ignore = 2,
+        No = 3,
+        Ok = 4,
+        Retry = 5,
+        Yes = 6
+    }
+    interface DialogResultCallback {
+        (result: MsPortalFx.ViewModels.Dialogs.DialogResult): void;
+    }
+    function someExportedFunction(): void;
+    const enum MessageBoxButtons {
+        AbortRetryIgnore = 0,
+        OK = 1,
+        OKCancel = 2,
+        RetryCancel = 3,
+        YesNo = 4,
+        YesNoCancel = 5
+    }
+}
+declare module MsPortalFx.ViewModels {
+    /**
+     * For some reason javascript code is emitted for this re-exported const enum.
+     */
+    export import ReExportedEnum = Dialogs.DialogResult;
+    /**
+     * Re-exporting a function type to show difference. No javascript is emmitted (as expected)
+     */
+    export import Callback = Dialogs.DialogResultCallback;
+    class SomeUsagesOfTheseConsts {
+        constructor();
+    }
+}
diff --git a/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.symbols b/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.symbols
new file mode 100644
index 0000000000000..ee21ab5b3b1dc
--- /dev/null
+++ b/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.symbols
@@ -0,0 +1,130 @@
+=== tests/cases/compiler/exportImportCanSubstituteConstEnumForValue.ts ===
+module MsPortalFx.ViewModels.Dialogs {
+>MsPortalFx : Symbol(MsPortalFx, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 0), Decl(exportImportCanSubstituteConstEnumForValue.ts, 27, 1))
+>ViewModels : Symbol(ViewModels, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 18), Decl(exportImportCanSubstituteConstEnumForValue.ts, 30, 18))
+>Dialogs : Symbol(Dialogs, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 29))
+
+    export const enum DialogResult {
+>DialogResult : Symbol(DialogResult, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 38))
+
+        Abort,
+>Abort : Symbol(ReExportedEnum.Abort, Decl(exportImportCanSubstituteConstEnumForValue.ts, 2, 36))
+
+        Cancel,
+>Cancel : Symbol(ReExportedEnum.Cancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 3, 14))
+
+        Ignore,
+>Ignore : Symbol(ReExportedEnum.Ignore, Decl(exportImportCanSubstituteConstEnumForValue.ts, 4, 15))
+
+        No,
+>No : Symbol(ReExportedEnum.No, Decl(exportImportCanSubstituteConstEnumForValue.ts, 5, 15))
+
+        Ok,
+>Ok : Symbol(ReExportedEnum.Ok, Decl(exportImportCanSubstituteConstEnumForValue.ts, 6, 11))
+
+        Retry,
+>Retry : Symbol(ReExportedEnum.Retry, Decl(exportImportCanSubstituteConstEnumForValue.ts, 7, 11))
+
+        Yes,
+>Yes : Symbol(ReExportedEnum.Yes, Decl(exportImportCanSubstituteConstEnumForValue.ts, 8, 14))
+    }
+
+    export interface DialogResultCallback {
+>DialogResultCallback : Symbol(DialogResultCallback, Decl(exportImportCanSubstituteConstEnumForValue.ts, 10, 5))
+
+        (result: MsPortalFx.ViewModels.Dialogs.DialogResult): void;
+>result : Symbol(result, Decl(exportImportCanSubstituteConstEnumForValue.ts, 13, 9))
+>MsPortalFx : Symbol(MsPortalFx, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 0), Decl(exportImportCanSubstituteConstEnumForValue.ts, 27, 1))
+>ViewModels : Symbol(ViewModels, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 18), Decl(exportImportCanSubstituteConstEnumForValue.ts, 30, 18))
+>Dialogs : Symbol(Dialogs, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 29))
+>DialogResult : Symbol(DialogResult, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 38))
+    }
+
+    export function someExportedFunction() {
+>someExportedFunction : Symbol(someExportedFunction, Decl(exportImportCanSubstituteConstEnumForValue.ts, 14, 5))
+    }
+
+    export const enum MessageBoxButtons {
+>MessageBoxButtons : Symbol(MessageBoxButtons, Decl(exportImportCanSubstituteConstEnumForValue.ts, 17, 5))
+
+        AbortRetryIgnore,
+>AbortRetryIgnore : Symbol(MessageBoxButtons.AbortRetryIgnore, Decl(exportImportCanSubstituteConstEnumForValue.ts, 19, 41))
+
+        OK,
+>OK : Symbol(MessageBoxButtons.OK, Decl(exportImportCanSubstituteConstEnumForValue.ts, 20, 25))
+
+        OKCancel,
+>OKCancel : Symbol(MessageBoxButtons.OKCancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 21, 11))
+
+        RetryCancel,
+>RetryCancel : Symbol(MessageBoxButtons.RetryCancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 22, 17))
+
+        YesNo,
+>YesNo : Symbol(MessageBoxButtons.YesNo, Decl(exportImportCanSubstituteConstEnumForValue.ts, 23, 20))
+
+        YesNoCancel,
+>YesNoCancel : Symbol(MessageBoxButtons.YesNoCancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 24, 14))
+    }
+}
+
+
+module MsPortalFx.ViewModels {
+>MsPortalFx : Symbol(MsPortalFx, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 0), Decl(exportImportCanSubstituteConstEnumForValue.ts, 27, 1))
+>ViewModels : Symbol(ViewModels, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 18), Decl(exportImportCanSubstituteConstEnumForValue.ts, 30, 18))
+
+    /**
+     * For some reason javascript code is emitted for this re-exported const enum.
+     */
+    export import ReExportedEnum = Dialogs.DialogResult;
+>ReExportedEnum : Symbol(ReExportedEnum, Decl(exportImportCanSubstituteConstEnumForValue.ts, 30, 30))
+>Dialogs : Symbol(Dialogs, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 29))
+>DialogResult : Symbol(ReExportedEnum, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 38))
+
+    /**
+     * Not exported to show difference. No javascript is emmitted (as expected)
+     */
+    import DialogButtons = Dialogs.MessageBoxButtons;
+>DialogButtons : Symbol(DialogButtons, Decl(exportImportCanSubstituteConstEnumForValue.ts, 35, 56))
+>Dialogs : Symbol(Dialogs, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 29))
+>MessageBoxButtons : Symbol(DialogButtons, Decl(exportImportCanSubstituteConstEnumForValue.ts, 17, 5))
+
+    /**
+     * Re-exporting a function type to show difference. No javascript is emmitted (as expected)
+     */
+    export import Callback = Dialogs.DialogResultCallback;
+>Callback : Symbol(Callback, Decl(exportImportCanSubstituteConstEnumForValue.ts, 40, 53))
+>Dialogs : Symbol(Dialogs, Decl(exportImportCanSubstituteConstEnumForValue.ts, 0, 29))
+>DialogResultCallback : Symbol(Callback, Decl(exportImportCanSubstituteConstEnumForValue.ts, 10, 5))
+
+    export class SomeUsagesOfTheseConsts {
+>SomeUsagesOfTheseConsts : Symbol(SomeUsagesOfTheseConsts, Decl(exportImportCanSubstituteConstEnumForValue.ts, 45, 58))
+
+        constructor() {
+            // these do get replaced by the const value
+            const value1 = ReExportedEnum.Cancel;
+>value1 : Symbol(value1, Decl(exportImportCanSubstituteConstEnumForValue.ts, 50, 17))
+>ReExportedEnum.Cancel : Symbol(ReExportedEnum.Cancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 3, 14))
+>ReExportedEnum : Symbol(ReExportedEnum, Decl(exportImportCanSubstituteConstEnumForValue.ts, 30, 30))
+>Cancel : Symbol(ReExportedEnum.Cancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 3, 14))
+
+            console.log(value1);
+>console.log : Symbol(Console.log, Decl(lib.dom.d.ts, --, --))
+>console : Symbol(console, Decl(lib.dom.d.ts, --, --))
+>log : Symbol(Console.log, Decl(lib.dom.d.ts, --, --))
+>value1 : Symbol(value1, Decl(exportImportCanSubstituteConstEnumForValue.ts, 50, 17))
+
+            const value2 = DialogButtons.OKCancel;
+>value2 : Symbol(value2, Decl(exportImportCanSubstituteConstEnumForValue.ts, 52, 17))
+>DialogButtons.OKCancel : Symbol(DialogButtons.OKCancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 21, 11))
+>DialogButtons : Symbol(DialogButtons, Decl(exportImportCanSubstituteConstEnumForValue.ts, 35, 56))
+>OKCancel : Symbol(DialogButtons.OKCancel, Decl(exportImportCanSubstituteConstEnumForValue.ts, 21, 11))
+
+            console.log(value2);
+>console.log : Symbol(Console.log, Decl(lib.dom.d.ts, --, --))
+>console : Symbol(console, Decl(lib.dom.d.ts, --, --))
+>log : Symbol(Console.log, Decl(lib.dom.d.ts, --, --))
+>value2 : Symbol(value2, Decl(exportImportCanSubstituteConstEnumForValue.ts, 52, 17))
+        }
+    }
+}
+
diff --git a/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.types b/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.types
new file mode 100644
index 0000000000000..b35ca9384f7bb
--- /dev/null
+++ b/tests/baselines/reference/exportImportCanSubstituteConstEnumForValue.types
@@ -0,0 +1,129 @@
+=== tests/cases/compiler/exportImportCanSubstituteConstEnumForValue.ts ===
+module MsPortalFx.ViewModels.Dialogs {
+>MsPortalFx : typeof MsPortalFx
+>ViewModels : typeof ViewModels
+>Dialogs : typeof Dialogs
+
+    export const enum DialogResult {
+>DialogResult : DialogResult
+
+        Abort,
+>Abort : DialogResult.Abort
+
+        Cancel,
+>Cancel : DialogResult.Cancel
+
+        Ignore,
+>Ignore : DialogResult.Ignore
+
+        No,
+>No : DialogResult.No
+
+        Ok,
+>Ok : DialogResult.Ok
+
+        Retry,
+>Retry : DialogResult.Retry
+
+        Yes,
+>Yes : DialogResult.Yes
+    }
+
+    export interface DialogResultCallback {
+        (result: MsPortalFx.ViewModels.Dialogs.DialogResult): void;
+>result : DialogResult
+>MsPortalFx : any
+>ViewModels : any
+>Dialogs : any
+    }
+
+    export function someExportedFunction() {
+>someExportedFunction : () => void
+    }
+
+    export const enum MessageBoxButtons {
+>MessageBoxButtons : MessageBoxButtons
+
+        AbortRetryIgnore,
+>AbortRetryIgnore : MessageBoxButtons.AbortRetryIgnore
+
+        OK,
+>OK : MessageBoxButtons.OK
+
+        OKCancel,
+>OKCancel : MessageBoxButtons.OKCancel
+
+        RetryCancel,
+>RetryCancel : MessageBoxButtons.RetryCancel
+
+        YesNo,
+>YesNo : MessageBoxButtons.YesNo
+
+        YesNoCancel,
+>YesNoCancel : MessageBoxButtons.YesNoCancel
+    }
+}
+
+
+module MsPortalFx.ViewModels {
+>MsPortalFx : typeof MsPortalFx
+>ViewModels : typeof ViewModels
+
+    /**
+     * For some reason javascript code is emitted for this re-exported const enum.
+     */
+    export import ReExportedEnum = Dialogs.DialogResult;
+>ReExportedEnum : typeof ReExportedEnum
+>Dialogs : typeof Dialogs
+>DialogResult : ReExportedEnum
+
+    /**
+     * Not exported to show difference. No javascript is emmitted (as expected)
+     */
+    import DialogButtons = Dialogs.MessageBoxButtons;
+>DialogButtons : typeof DialogButtons
+>Dialogs : typeof Dialogs
+>MessageBoxButtons : DialogButtons
+
+    /**
+     * Re-exporting a function type to show difference. No javascript is emmitted (as expected)
+     */
+    export import Callback = Dialogs.DialogResultCallback;
+>Callback : any
+>Dialogs : typeof Dialogs
+>DialogResultCallback : Callback
+
+    export class SomeUsagesOfTheseConsts {
+>SomeUsagesOfTheseConsts : SomeUsagesOfTheseConsts
+
+        constructor() {
+            // these do get replaced by the const value
+            const value1 = ReExportedEnum.Cancel;
+>value1 : ReExportedEnum.Cancel
+>ReExportedEnum.Cancel : ReExportedEnum.Cancel
+>ReExportedEnum : typeof ReExportedEnum
+>Cancel : ReExportedEnum.Cancel
+
+            console.log(value1);
+>console.log(value1) : void
+>console.log : (message?: any, ...optionalParams: any[]) => void
+>console : Console
+>log : (message?: any, ...optionalParams: any[]) => void
+>value1 : ReExportedEnum.Cancel
+
+            const value2 = DialogButtons.OKCancel;
+>value2 : DialogButtons.OKCancel
+>DialogButtons.OKCancel : DialogButtons.OKCancel
+>DialogButtons : typeof DialogButtons
+>OKCancel : DialogButtons.OKCancel
+
+            console.log(value2);
+>console.log(value2) : void
+>console.log : (message?: any, ...optionalParams: any[]) => void
+>console : Console
+>log : (message?: any, ...optionalParams: any[]) => void
+>value2 : DialogButtons.OKCancel
+        }
+    }
+}
+
diff --git a/tests/cases/compiler/exportImportCanSubstituteConstEnumForValue.ts b/tests/cases/compiler/exportImportCanSubstituteConstEnumForValue.ts
new file mode 100644
index 0000000000000..71c8a29df2625
--- /dev/null
+++ b/tests/cases/compiler/exportImportCanSubstituteConstEnumForValue.ts
@@ -0,0 +1,60 @@
+// @module: amd
+// @declaration: true
+// @target: es5
+module MsPortalFx.ViewModels.Dialogs {
+
+    export const enum DialogResult {
+        Abort,
+        Cancel,
+        Ignore,
+        No,
+        Ok,
+        Retry,
+        Yes,
+    }
+
+    export interface DialogResultCallback {
+        (result: MsPortalFx.ViewModels.Dialogs.DialogResult): void;
+    }
+
+    export function someExportedFunction() {
+    }
+
+    export const enum MessageBoxButtons {
+        AbortRetryIgnore,
+        OK,
+        OKCancel,
+        RetryCancel,
+        YesNo,
+        YesNoCancel,
+    }
+}
+
+
+module MsPortalFx.ViewModels {
+
+    /**
+     * For some reason javascript code is emitted for this re-exported const enum.
+     */
+    export import ReExportedEnum = Dialogs.DialogResult;
+
+    /**
+     * Not exported to show difference. No javascript is emmitted (as expected)
+     */
+    import DialogButtons = Dialogs.MessageBoxButtons;
+
+    /**
+     * Re-exporting a function type to show difference. No javascript is emmitted (as expected)
+     */
+    export import Callback = Dialogs.DialogResultCallback;
+
+    export class SomeUsagesOfTheseConsts {
+        constructor() {
+            // these do get replaced by the const value
+            const value1 = ReExportedEnum.Cancel;
+            console.log(value1);
+            const value2 = DialogButtons.OKCancel;
+            console.log(value2);
+        }
+    }
+}