diff --git a/src/js_parser/visit/mod.rs b/src/js_parser/visit/mod.rs
index dd62b2fc2ed2..ea1d9ed7894a 100644
--- a/src/js_parser/visit/mod.rs
+++ b/src/js_parser/visit/mod.rs
@@ -279,10 +279,11 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                             .features
                             .replace_exports
                             .get_ptr(name)
-                            .map(|r| (bun_ptr::BackRef::new(r), r.is_replace()));
-                        if let Some((ptr, is_replace)) = found {
+                            .map(bun_ptr::BackRef::new);
+                        if let Some(ptr) = found {
                             replacement = Some(ptr);
-                            if self.options.features.dead_code_elimination && !is_replace {
+                            // Every entry kind discards this initializer, so nothing it references is a use.
+                            if self.options.features.dead_code_elimination {
                                 self.is_control_flow_dead = true;
                             }
                         }
diff --git a/src/js_parser/visit/visit_stmt.rs b/src/js_parser/visit/visit_stmt.rs
index dfce8bec1923..049f45fca853 100644
--- a/src/js_parser/visit/visit_stmt.rs
+++ b/src/js_parser/visit/visit_stmt.rs
@@ -381,13 +381,17 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
         }
 
         let mut mark_for_replace: bool = false;
+        let mut replace_keeps_stmt: bool = false;
 
         let orig_dead = p.is_control_flow_dead;
         if p.options.features.replace_exports.count() > 0 {
             if let Some(entry) = p.options.features.replace_exports.get_ptr(b"default") {
-                p.is_control_flow_dead =
-                    p.options.features.dead_code_elimination && !entry.is_replace();
+                // Every entry kind discards the exported value, so nothing it references is a use.
+                if p.options.features.dead_code_elimination {
+                    p.is_control_flow_dead = true;
+                }
                 mark_for_replace = true;
+                replace_keeps_stmt = entry.is_replace();
             }
         }
 
@@ -397,6 +401,15 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
             };
         }
 
+        // The statement a `Replace` entry keeps is live; only its old value was dead.
+        macro_rules! discarded_value_visited {
+            () => {
+                if replace_keeps_stmt {
+                    restore_dead!();
+                }
+            };
+        }
+
         match &mut data.value {
             js_ast::StmtOrExpr::Expr(expr) => {
                 let was_anonymous_named_expr = expr.is_anonymous_named();
@@ -423,6 +436,7 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                 p.react_compiler_candidate_name = None;
                 p.react_compiler_in_react_hoc = false;
                 p.decorator_class_name = prev_decorator_class_name;
+                discarded_value_visited!();
 
                 if p.is_control_flow_dead {
                     restore_dead!();
@@ -605,6 +619,7 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                         let open_parens_loc = func.func.open_parens_loc;
                         func.func = p.visit_func(core::mem::take(&mut func.func), open_parens_loc);
                         p.react_compiler_candidate_name = None;
+                        discarded_value_visited!();
 
                         if p.is_control_flow_dead {
                             p.react_refresh.hook_ctx_storage = prev;
@@ -774,6 +789,7 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                     StmtData::SClass(mut class_ref) => {
                         let class: &mut S::Class = &mut *class_ref;
                         let _ = p.visit_class(s2_loc, &mut class.class, data.default_name.ref_);
+                        discarded_value_visited!();
 
                         if p.is_control_flow_dead {
                             restore_dead!();
@@ -794,6 +810,7 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                             ) = entry
                             {
                                 data.value = js_ast::StmtOrExpr::Expr(replace_expr);
+                                stmts.push(*stmt);
                             } else {
                                 let _ = p.inject_replacement_export(
                                     stmts,
@@ -801,10 +818,10 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                                     bun_ast::Loc::EMPTY,
                                     &entry,
                                 );
-                                restore_dead!();
-                                record_on_exit!();
-                                return Ok(());
                             }
+                            restore_dead!();
+                            record_on_exit!();
+                            return Ok(());
                         }
 
                         if !data.default_name.ref_.is_symbol() {
diff --git a/test/bundler/transpiler/transpiler.test.js b/test/bundler/transpiler/transpiler.test.js
index a9a0d382aaed..6f50b3c26ab8 100644
--- a/test/bundler/transpiler/transpiler.test.js
+++ b/test/bundler/transpiler/transpiler.test.js
@@ -2043,6 +2043,95 @@ export default class {
       expect(output.includes("localVarToReplace")).toBe(true);
       expect(output.includes("localVarToRemove")).toBe(false);
     });
+
+    describe("the value an entry discards is dead code", () => {
+      // A plain replacement (`foo`), an injected export (`getStaticProps`) and an eliminated
+      // export (`loader`) all drop the original value, so the three must trim its imports alike.
+      const replacing = new Bun.Transpiler({
+        exports: {
+          replace: { foo: 42, getStaticProps: ["__N_SSG", true] },
+          eliminate: ["loader"],
+        },
+        treeShaking: true,
+        trimUnusedImports: true,
+      });
+      const replacingDefault = new Bun.Transpiler({
+        exports: { replace: { default: 42 } },
+        treeShaking: true,
+        trimUnusedImports: true,
+      });
+      const deadImport = `import deadFS from 'fs';\n`;
+      const deadCall = `deadFS.readFileSync("/etc/passwd")`;
+
+      it.each([
+        ["export const, replaced", `export const foo = () => ${deadCall};`, "export const foo = 42;\n"],
+        ["export var, replaced", `export var foo = () => ${deadCall};`, "export var foo = 42;\n"],
+        ["export let, replaced", `export let foo = () => ${deadCall};`, "export let foo = 42;\n"],
+        ["export function, replaced", `export function foo() { return ${deadCall}; }`, "export var foo = 42;\n"],
+        [
+          "export const, injected",
+          `export const getStaticProps = () => ${deadCall};`,
+          "export const __N_SSG = true;\n",
+        ],
+        ["export const, eliminated", `export const loader = () => ${deadCall};`, ""],
+      ])("%s: trims an import only the discarded value used", (_, source, expected) => {
+        expect(replacing.transformSync(deadImport + source)).toBe(expected);
+        expect(replacing.scan(deadImport + source).imports).toEqual([]);
+      });
+
+      it.each([
+        ["expression", `export default ${deadCall};`],
+        ["arrow function", `export default () => ${deadCall};`],
+        ["function declaration", `export default function Page() { return ${deadCall}; }`],
+        ["class declaration", `export default class Page { method() { return ${deadCall}; } }`],
+        ["anonymous class", `export default class { method() { return ${deadCall}; } }`],
+        // The import is referenced outside of any method body here, so the class itself must go.
+        ["class extending the import", `export default class Page extends deadFS {}`],
+        ["class with a static initializer", `export default class { static contents = ${deadCall}; }`],
+      ])("export default %s, replaced: trims an import only the discarded value used", (_, source) => {
+        expect(replacingDefault.transformSync(deadImport + source)).toBe("export default 42;\n");
+        expect(replacingDefault.scan(deadImport + source)).toEqual({ exports: ["default"], imports: [] });
+      });
+
+      it("does not record an import() made inside the discarded value", () => {
+        const source = `export const foo = () => import("./only-used-here");`;
+        expect(replacing.transformSync(source)).toBe("export const foo = 42;\n");
+        expect(replacing.scan(source).imports).toEqual([]);
+      });
+
+      it("typescript: drops the binding but keeps the import statement, like eliminate does", () => {
+        // TypeScript removes an import statement only when its bindings are unused in the
+        // whole file, dead code included, so the statement survives as a side effect import.
+        const ts = new Bun.Transpiler({
+          loader: "ts",
+          exports: { replace: { foo: 42 }, eliminate: ["loader"] },
+          treeShaking: true,
+          trimUnusedImports: true,
+        });
+        expect(ts.transformSync(deadImport + `export const foo = () => ${deadCall};`)).toBe(
+          'import"fs";\nexport const foo = 42;\n',
+        );
+        expect(ts.transformSync(deadImport + `export const loader = () => ${deadCall};`)).toBe('import"fs";\n');
+      });
+
+      it("keeps an import that is also used outside the discarded value", () => {
+        expect(
+          replacing.transformSync(
+            `import deadFS from 'fs';
+            import liveFS from 'fs';
+            export const foo = () => ${deadCall};
+            export function baz() { return liveFS.readFileSync("/etc/passwd"); }`,
+          ),
+        ).toBe(
+          'import liveFS from "fs";\nexport const foo = 42;\nexport function baz() {\n  return liveFS.readFileSync("/etc/passwd");\n}\n',
+        );
+
+        // Only the replaced declaration is dead, not the other declarations of the same statement.
+        expect(
+          replacing.transformSync(`import { dead, live } from 'fs';\nexport const foo = () => dead(), other = live;`),
+        ).toBe('import { live } from "fs";\nexport const foo = 42;\nexport const other = live;\n');
+      });
+    });
   });
 
   const bunTranspiler = new Bun.Transpiler({