diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index a53c1841b6ef4..e3d5b4b5c5c18 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -25740,9 +25740,7 @@ namespace ts {
                 return getTypeOfSymbol(symbol);
             }
 
-            // We should only mark aliases as referenced if there isn't a local value declaration
-            // for the symbol. Also, don't mark any property access expression LHS - checkPropertyAccessExpression will handle that
-            if (!(node.parent && isPropertyAccessExpression(node.parent) && node.parent.expression === node)) {
+            if (shouldMarkIdentifierAliasReferenced(node)) {
                 markAliasReferenced(symbol, node);
             }
 
@@ -25890,6 +25888,25 @@ namespace ts {
             return assignmentKind ? getBaseTypeOfLiteralType(flowType) : flowType;
         }
 
+        function shouldMarkIdentifierAliasReferenced(node: Identifier): boolean {
+            const parent = node.parent;
+            if (parent) {
+                // A property access expression LHS? checkPropertyAccessExpression will handle that.
+                if (isPropertyAccessExpression(parent) && parent.expression === node) {
+                    return false;
+                }
+                // Next two check for an identifier inside a type only export.
+                if (isExportSpecifier(parent) && parent.isTypeOnly) {
+                    return false;
+                }
+                const greatGrandparent = parent.parent?.parent;
+                if (greatGrandparent && isExportDeclaration(greatGrandparent) && greatGrandparent.isTypeOnly) {
+                    return false;
+                }
+            }
+            return true;
+        }
+
         function isInsideFunctionOrInstancePropertyInitializer(node: Node, threshold: Node): boolean {
             return !!findAncestor(node, n => n === threshold ? "quit" : isFunctionLike(n) || (
                 n.parent && isPropertyDeclaration(n.parent) && !hasStaticModifier(n.parent) && n.parent.initializer === n
@@ -41225,7 +41242,9 @@ namespace ts {
                     error(exportedName, Diagnostics.Cannot_export_0_Only_local_declarations_can_be_exported_from_a_module, idText(exportedName));
                 }
                 else {
-                    markExportAsReferenced(node);
+                    if (!node.isTypeOnly && !node.parent.parent.isTypeOnly) {
+                        markExportAsReferenced(node);
+                    }
                     const target = symbol && (symbol.flags & SymbolFlags.Alias ? resolveAlias(symbol) : symbol);
                     if (!target || target === unknownSymbol || target.flags & SymbolFlags.Value) {
                         checkExpressionCached(node.propertyName || node.name);
diff --git a/src/testRunner/unittests/services/transpile.ts b/src/testRunner/unittests/services/transpile.ts
index 2e0c8ea24547a..e0cfa72f53eb5 100644
--- a/src/testRunner/unittests/services/transpile.ts
+++ b/src/testRunner/unittests/services/transpile.ts
@@ -485,5 +485,19 @@ export { a as alias };
 export * as alias from './file';`, {
             noSetFileName: true
         });
+
+        transpilesCorrectly("Elides import equals referenced only by export type",
+            `import IFoo = Namespace.IFoo;` +
+            `export type { IFoo };`, {
+                options: { compilerOptions: { module: ModuleKind.CommonJS } }
+            }
+        );
+
+        transpilesCorrectly("Elides import equals referenced only by type only export specifier",
+            `import IFoo = Namespace.IFoo;` +
+            `export { type IFoo };`, {
+                options: { compilerOptions: { module: ModuleKind.CommonJS } }
+            }
+        );
     });
 }
diff --git a/tests/baselines/reference/transpile/Elides import equals referenced only by export type.js b/tests/baselines/reference/transpile/Elides import equals referenced only by export type.js
new file mode 100644
index 0000000000000..e9493d9d5917d
--- /dev/null
+++ b/tests/baselines/reference/transpile/Elides import equals referenced only by export type.js	
@@ -0,0 +1,3 @@
+"use strict";
+exports.__esModule = true;
+//# sourceMappingURL=file.js.map
\ No newline at end of file
diff --git a/tests/baselines/reference/transpile/Elides import equals referenced only by export type.oldTranspile.js b/tests/baselines/reference/transpile/Elides import equals referenced only by export type.oldTranspile.js
new file mode 100644
index 0000000000000..e9493d9d5917d
--- /dev/null
+++ b/tests/baselines/reference/transpile/Elides import equals referenced only by export type.oldTranspile.js	
@@ -0,0 +1,3 @@
+"use strict";
+exports.__esModule = true;
+//# sourceMappingURL=file.js.map
\ No newline at end of file
diff --git a/tests/baselines/reference/transpile/Elides import equals referenced only by type only export specifier.js b/tests/baselines/reference/transpile/Elides import equals referenced only by type only export specifier.js
new file mode 100644
index 0000000000000..e9493d9d5917d
--- /dev/null
+++ b/tests/baselines/reference/transpile/Elides import equals referenced only by type only export specifier.js	
@@ -0,0 +1,3 @@
+"use strict";
+exports.__esModule = true;
+//# sourceMappingURL=file.js.map
\ No newline at end of file
diff --git a/tests/baselines/reference/transpile/Elides import equals referenced only by type only export specifier.oldTranspile.js b/tests/baselines/reference/transpile/Elides import equals referenced only by type only export specifier.oldTranspile.js
new file mode 100644
index 0000000000000..e9493d9d5917d
--- /dev/null
+++ b/tests/baselines/reference/transpile/Elides import equals referenced only by type only export specifier.oldTranspile.js	
@@ -0,0 +1,3 @@
+"use strict";
+exports.__esModule = true;
+//# sourceMappingURL=file.js.map
\ No newline at end of file