diff --git a/src/Bundle.js b/src/Bundle.js
index 7659ce0..46c8fff 100644
--- a/src/Bundle.js
+++ b/src/Bundle.js
@@ -309,6 +309,7 @@ export default class Bundle {
 			keys( this.entryModule.reexports ).forEach( key => {
 				const reexportDeclaration = this.entryModule.reexports[ key ];
 
+				if ( reexportDeclaration.module.isExternal ) return;
 				const originalDeclaration = reexportDeclaration.module.findDeclaration( reexportDeclaration.importedName );
 
 				if ( originalDeclaration && originalDeclaration.type === 'VariableDeclaration' ) {
@@ -530,6 +531,22 @@ export default class Bundle {
 	traceExport ( module, name, es6 ) {
 		const reexportDeclaration = module.reexports[ name ];
 		if ( reexportDeclaration ) {
+			if ( reexportDeclaration.module.isExternal ) {
+				if ( name === 'default' ) {
+					return reexportDeclaration.module.needsNamed && !es6 ?
+						`${reexportDeclaration.module.name}__default` :
+						reexportDeclaration.module.name;
+				}
+
+				if ( name === '*' ) {
+					return reexportDeclaration.module.name;
+				}
+
+				return es6 ?
+					name :
+					`${reexportDeclaration.module.name}.${name}`;
+			}
+
 			return this.traceExport( reexportDeclaration.module, reexportDeclaration.importedName );
 		}
 
diff --git a/src/Module.js b/src/Module.js
index dc30291..a004182 100644
--- a/src/Module.js
+++ b/src/Module.js
@@ -239,7 +239,7 @@ export default class Module {
 
 						let module = this;
 						let name = specifier.exported.name;
-						while ( module.reexports[ name ] && module.reexports[ name ].isUsed ) {
+						while ( !module.isExternal && module.reexports[ name ] && module.reexports[ name ].isUsed ) {
 							reexport = module.reexports[ name ];
 							module = reexport.module;
 							name = reexport.importedName;
@@ -266,15 +266,6 @@ export default class Module {
 			keys( statement.dependsOn ).forEach( name => {
 				if ( statement.defines[ name ] ) return;
 
-				let module = this;
-				let reexportDeclaration;
-				while ( module.reexports[ name ] ) {
-					reexportDeclaration = module.reexports[ name ];
-					module = reexportDeclaration.module;
-					name = reexportDeclaration.importedName;
-				}
-
-				addDependency( weakDependencies, reexportDeclaration ) ||
 				addDependency( weakDependencies, this.exportAlls[ name ] ) ||
 				addDependency( weakDependencies, this.imports[ name ] );
 			});
@@ -395,7 +386,7 @@ export default class Module {
 						return module.markAllExportStatements();
 					}
 
-					return module.markExport( importDeclaration.name, 'TODO_suggestedName', this );
+					return module.markExport( importDeclaration.name, name, this );
 				});
 		}
 
@@ -461,7 +452,7 @@ export default class Module {
 			return this.bundle.fetchModule( reexportDeclaration.source, this.id )
 				.then( otherModule => {
 					reexportDeclaration.module = otherModule;
-					return otherModule.markExport( reexportDeclaration.importedName, 'TODO_suggestedName', this );
+					return otherModule.markExport( reexportDeclaration.importedName, suggestedName, this );
 				});
 		}
 
diff --git a/src/Statement.js b/src/Statement.js
index a710d36..00d4c4e 100644
--- a/src/Statement.js
+++ b/src/Statement.js
@@ -246,7 +246,9 @@ export default class Statement {
 						reexport.isUsed = true;
 						reexport.module = otherModule;
 
-						return otherModule.markExport( specifier.local.name, specifier.exported.name, this.module );
+						return otherModule.isExternal ?
+							null :
+							otherModule.markExport( specifier.local.name, specifier.exported.name, this.module );
 					});
 				});
 		}
diff --git a/src/finalisers/shared/getExportBlock.js b/src/finalisers/shared/getExportBlock.js
index c789669..72aee4a 100644
--- a/src/finalisers/shared/getExportBlock.js
+++ b/src/finalisers/shared/getExportBlock.js
@@ -11,7 +11,10 @@ export default function getExportBlock ( bundle, exportMode, mechanism = 'return
 	return bundle.toExport
 		.map( name => {
 			const prop = name === 'default' ? `['default']` : `.${name}`;
-			name = bundle.trace( bundle.entryModule, name );
+			const reexport = bundle.entryModule.reexports[ name ];
+			name = reexport ?
+				bundle.traceExport( bundle.entryModule, name ) :
+				bundle.trace( bundle.entryModule, name );
 			return `exports${prop} = ${name};`;
 		})
 		.join( '\n' );