diff --git a/src/compiler.ts b/src/compiler.ts
index c3341934b5..3113f4468c 100644
--- a/src/compiler.ts
+++ b/src/compiler.ts
@@ -358,8 +358,8 @@ export class Compiler extends DiagnosticEmitter {
   skippedAutoreleases: Set<ExpressionRef> = new Set();
   /** Current inline functions stack. */
   inlineStack: Function[] = [];
-  /** Lazily compiled library functions. */
-  lazyLibraryFunctions: Set<Function> = new Set();
+  /** Lazily compiled functions. */
+  lazyFunctions: Set<Function> = new Set();
   /** Pending class-specific instanceof helpers. */
   pendingClassInstanceOf: Set<ClassPrototype> = new Set();
   /** Functions potentially involving a virtual call. */
@@ -490,20 +490,20 @@ export class Compiler extends DiagnosticEmitter {
       program.registerConstantInteger("__GC_ALL_ACYCLIC", Type.bool, i64_new(1, 0));
     }
 
-    // compile lazy library functions
-    var lazyLibraryFunctions = this.lazyLibraryFunctions;
+    // compile lazy functions
+    var lazyFunctions = this.lazyFunctions;
     do {
       let functionsToCompile = new Array<Function>();
       // TODO: for (let instance of lazyLibraryFunctions) {
-      for (let _values = Set_values(lazyLibraryFunctions), i = 0, k = _values.length; i < k; ++i) {
+      for (let _values = Set_values(lazyFunctions), i = 0, k = _values.length; i < k; ++i) {
         let instance = unchecked(_values[i]);
         functionsToCompile.push(instance);
       }
-      lazyLibraryFunctions.clear();
+      lazyFunctions.clear();
       for (let i = 0, k = functionsToCompile.length; i < k; ++i) {
         this.compileFunction(unchecked(functionsToCompile[i]), true);
       }
-    } while (lazyLibraryFunctions.size);
+    } while (lazyFunctions.size);
 
     // compile pending class-specific instanceof helpers
     // TODO: for (let prototype of this.pendingClassInstanceOf.values()) {
@@ -759,7 +759,7 @@ export class Compiler extends DiagnosticEmitter {
             global.identifierNode.range
           );
         } else {
-          this.module.addGlobalExport(element.internalName, prefix + name);
+          if (element.is(CommonFlags.COMPILED)) this.module.addGlobalExport(element.internalName, prefix + name);
         }
         break;
       }
@@ -916,7 +916,7 @@ export class Compiler extends DiagnosticEmitter {
       // TODO: for (let element of exports.values()) {
       for (let _values = Map_values(exports), i = 0, k = _values.length; i < k; ++i) {
         let element = unchecked(_values[i]);
-        this.compileElement(element);
+        if (!element.hasDecorator(DecoratorFlags.LAZY)) this.compileElement(element);
       }
     }
     var exportsStar = file.exportsStar;
@@ -1349,7 +1349,7 @@ export class Compiler extends DiagnosticEmitter {
     if (!forceStdAlternative) {
       if (instance.hasDecorator(DecoratorFlags.BUILTIN)) return true;
       if (instance.hasDecorator(DecoratorFlags.LAZY)) {
-        this.lazyLibraryFunctions.add(instance);
+        this.lazyFunctions.add(instance);
         return true;
       }
     }
diff --git a/src/program.ts b/src/program.ts
index 67da15e8dd..44b08ee489 100644
--- a/src/program.ts
+++ b/src/program.ts
@@ -2239,7 +2239,7 @@ export class Program extends DiagnosticEmitter {
       validDecorators |= DecoratorFlags.EXTERNAL;
     } else {
       validDecorators |= DecoratorFlags.INLINE;
-      if (declaration.range.source.isLibrary) {
+      if (declaration.range.source.isLibrary || declaration.is(CommonFlags.EXPORT)) {
         validDecorators |= DecoratorFlags.LAZY;
       }
     }
diff --git a/tests/compiler/exports-lazy.json b/tests/compiler/exports-lazy.json
new file mode 100644
index 0000000000..b1da366ff4
--- /dev/null
+++ b/tests/compiler/exports-lazy.json
@@ -0,0 +1,5 @@
+{
+  "asc_flags": [
+    "--runtime none"
+  ]
+}
\ No newline at end of file
diff --git a/tests/compiler/exports-lazy.optimized.wat b/tests/compiler/exports-lazy.optimized.wat
new file mode 100644
index 0000000000..b1c73fc7f9
--- /dev/null
+++ b/tests/compiler/exports-lazy.optimized.wat
@@ -0,0 +1,13 @@
+(module
+ (type $none_=>_none (func))
+ (memory $0 1)
+ (data (i32.const 1024) "\0c\00\00\00\01\00\00\00\00\00\00\00\0c\00\00\00\01\00\00\00\02\00\00\00\03")
+ (data (i32.const 1056) "\10\00\00\00\01\00\00\00\03\00\00\00\10\00\00\00\10\04\00\00\10\04\00\00\0c\00\00\00\03")
+ (global $exports-lazy/lazyGlobalUsed i32 (i32.const 1072))
+ (export "memory" (memory $0))
+ (export "lazyGlobalUsed" (global $exports-lazy/lazyGlobalUsed))
+ (export "lazyFuncUsed" (func $~start))
+ (func $~start
+  nop
+ )
+)
diff --git a/tests/compiler/exports-lazy.ts b/tests/compiler/exports-lazy.ts
new file mode 100644
index 0000000000..8453d06b72
--- /dev/null
+++ b/tests/compiler/exports-lazy.ts
@@ -0,0 +1,9 @@
+@lazy export const lazyGlobalUnused: i32[] = [1,2,3];
+
+@lazy export const lazyGlobalUsed: i32[] = [1,2,3];
+lazyGlobalUsed;
+
+@lazy export function lazyFuncUnused(): void {}
+
+@lazy export function lazyFuncUsed(): void {}
+lazyFuncUsed();
diff --git a/tests/compiler/exports-lazy.untouched.wat b/tests/compiler/exports-lazy.untouched.wat
new file mode 100644
index 0000000000..64df15c7a9
--- /dev/null
+++ b/tests/compiler/exports-lazy.untouched.wat
@@ -0,0 +1,25 @@
+(module
+ (type $none_=>_none (func))
+ (memory $0 1)
+ (data (i32.const 16) "\0c\00\00\00\01\00\00\00\00\00\00\00\0c\00\00\00\01\00\00\00\02\00\00\00\03\00\00\00")
+ (data (i32.const 48) "\10\00\00\00\01\00\00\00\03\00\00\00\10\00\00\00 \00\00\00 \00\00\00\0c\00\00\00\03\00\00\00")
+ (table $0 1 funcref)
+ (global $exports-lazy/lazyGlobalUsed i32 (i32.const 64))
+ (export "memory" (memory $0))
+ (export "lazyGlobalUsed" (global $exports-lazy/lazyGlobalUsed))
+ (export "lazyFuncUsed" (func $exports-lazy/lazyFuncUsed))
+ (start $~start)
+ (func $start:exports-lazy
+  (local $0 i32)
+  (local $1 i32)
+  global.get $exports-lazy/lazyGlobalUsed
+  drop
+  call $exports-lazy/lazyFuncUsed
+ )
+ (func $~start
+  call $start:exports-lazy
+ )
+ (func $exports-lazy/lazyFuncUsed
+  nop
+ )
+)