diff --git a/src/Module.ts b/src/Module.ts
index 3cd879cc055..16201abe93a 100644
--- a/src/Module.ts
+++ b/src/Module.ts
@@ -621,6 +621,7 @@ export default class Module {
 
 	includeAllInBundle(): void {
 		this.ast!.include(createInclusionContext(), true);
+		this.includeAllExports(false);
 	}
 
 	isIncluded(): boolean {
diff --git a/test/form/samples/no-treeshake-namespace-object/_config.js b/test/form/samples/no-treeshake-namespace-object/_config.js
new file mode 100644
index 00000000000..dc6136f8ded
--- /dev/null
+++ b/test/form/samples/no-treeshake-namespace-object/_config.js
@@ -0,0 +1,6 @@
+module.exports = {
+	description: 'generates namespace objects when not tree-shaking',
+	options: {
+		treeshake: false
+	}
+};
diff --git a/test/form/samples/no-treeshake-namespace-object/_expected.js b/test/form/samples/no-treeshake-namespace-object/_expected.js
new file mode 100644
index 00000000000..cddaf554c82
--- /dev/null
+++ b/test/form/samples/no-treeshake-namespace-object/_expected.js
@@ -0,0 +1,11 @@
+function foo() {}
+
+var namespace = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	foo: foo
+});
+
+const a = 1;
+const b = 2;
+
+export { a, b, namespace as ns1, namespace as ns2 };
diff --git a/test/form/samples/no-treeshake-namespace-object/main.js b/test/form/samples/no-treeshake-namespace-object/main.js
new file mode 100644
index 00000000000..5e4ca4d7427
--- /dev/null
+++ b/test/form/samples/no-treeshake-namespace-object/main.js
@@ -0,0 +1,8 @@
+import * as ns1 from './namespace';
+
+export { ns1 };
+
+export * as ns2 from './namespace';
+
+export const a = 1;
+export const b = 2;
diff --git a/test/form/samples/no-treeshake-namespace-object/namespace.js b/test/form/samples/no-treeshake-namespace-object/namespace.js
new file mode 100644
index 00000000000..f99d4277774
--- /dev/null
+++ b/test/form/samples/no-treeshake-namespace-object/namespace.js
@@ -0,0 +1 @@
+export function foo() {}