Pick #56449 into release-5.3 (#56451)

Author: andrewbranch

Diff for: src/compiler/checker.ts

@@ -47515,7 +47515,7 @@ export function createTypeChecker(host: TypeCheckerHost): TypeChecker {
         }
         const target = getExportSymbolOfValueSymbolIfExported(resolveAlias(symbol));
         if (target === unknownSymbol) {
-            return true;
+            return !excludeTypeOnlyValues || !getTypeOnlyAliasDeclaration(symbol);
         }
         // const enums and modules that contain only const enums are not considered values from the emit perspective
         // unless 'preserveConstEnums' option is set to true

Diff for: src/testRunner/unittests/services/transpile.ts

@@ -662,4 +662,15 @@ export * as alias from './file';`,
             testVerbatimModuleSyntax: true,
         },
     );
+
+    transpilesCorrectly(
+        "Elides re-export of type-only import",
+        `
+        import type { Foo } from "./types";
+        export { Foo };
+        `,
+        {
+            options: { compilerOptions: { module: ts.ModuleKind.ESNext, target: ts.ScriptTarget.ESNext } },
+        },
+    );
 });