diff --git a/src/compiler/diagnosticMessages.json b/src/compiler/diagnosticMessages.json
index e0e6f0077a976..843a5508bf706 100644
--- a/src/compiler/diagnosticMessages.json
+++ b/src/compiler/diagnosticMessages.json
@@ -5558,6 +5558,22 @@
         "category": "Message",
         "code": 6412
     },
+    "Entering conditional exports.": {
+        "category": "Message",
+        "code": 6413
+    },
+    "Resolved under condition '{0}'.": {
+        "category": "Message",
+        "code": 6414
+    },
+    "Failed to resolve under condition '{0}'.": {
+        "category": "Message",
+        "code": 6415
+    },
+    "Exiting conditional exports.": {
+        "category": "Message",
+        "code": 6416
+    },
 
     "The expected type comes from property '{0}' which is declared here on type '{1}'": {
         "category": "Message",
diff --git a/src/compiler/moduleNameResolver.ts b/src/compiler/moduleNameResolver.ts
index 8263abea028ad..e042cf6512b0f 100644
--- a/src/compiler/moduleNameResolver.ts
+++ b/src/compiler/moduleNameResolver.ts
@@ -2584,19 +2584,26 @@ function getLoadModuleFromTargetImportOrExport(extensions: Extensions, state: Mo
         }
         else if (typeof target === "object" && target !== null) { // eslint-disable-line no-null/no-null
             if (!Array.isArray(target)) {
+                traceIfEnabled(state, Diagnostics.Entering_conditional_exports);
                 for (const condition of getOwnKeys(target as MapLike<unknown>)) {
                     if (condition === "default" || state.conditions.indexOf(condition) >= 0 || isApplicableVersionedTypesKey(state.conditions, condition)) {
                         traceIfEnabled(state, Diagnostics.Matched_0_condition_1, isImports ? "imports" : "exports", condition);
                         const subTarget = (target as MapLike<unknown>)[condition];
                         const result = loadModuleFromTargetImportOrExport(subTarget, subpath, pattern, key);
                         if (result) {
+                            traceIfEnabled(state, Diagnostics.Resolved_under_condition_0, condition);
+                            traceIfEnabled(state, Diagnostics.Exiting_conditional_exports);
                             return result;
                         }
+                        else {
+                            traceIfEnabled(state, Diagnostics.Failed_to_resolve_under_condition_0, condition);
+                        }
                     }
                     else {
                         traceIfEnabled(state, Diagnostics.Saw_non_matching_condition_0, condition);
                     }
                 }
+                traceIfEnabled(state, Diagnostics.Exiting_conditional_exports);
                 return undefined;
             }
             else {
diff --git a/tests/baselines/reference/bundlerNodeModules1.trace.json b/tests/baselines/reference/bundlerNodeModules1.trace.json
index b8728c149e960..2d60a6f2765f4 100644
--- a/tests/baselines/reference/bundlerNodeModules1.trace.json
+++ b/tests/baselines/reference/bundlerNodeModules1.trace.json
@@ -4,12 +4,15 @@
     "File '/package.json' does not exist.",
     "Loading module 'dual' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration, JSON.",
     "Found 'package.json' at '/node_modules/dual/package.json'.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.js'.",
     "File name '/node_modules/dual/index.js' has a '.js' extension - stripping it.",
     "File '/node_modules/dual/index.ts' does not exist.",
     "File '/node_modules/dual/index.tsx' does not exist.",
     "File '/node_modules/dual/index.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'import'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/dual/index.d.ts', result '/node_modules/dual/index.d.ts'.",
     "======== Module name 'dual' was successfully resolved to '/node_modules/dual/index.d.ts' with Package ID 'dual/index.d.ts@1.0.0'. ========",
     "======== Resolving module 'dual' from '/main.mts'. ========",
diff --git a/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=bundler).trace.json b/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=bundler).trace.json
new file mode 100644
index 0000000000000..4082b9545e345
--- /dev/null
+++ b/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=bundler).trace.json
@@ -0,0 +1,22 @@
+[
+    "======== Resolving module 'dep' from '/index.mts'. ========",
+    "Explicitly specified module resolution kind: 'Bundler'.",
+    "File '/package.json' does not exist.",
+    "Loading module 'dep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration, JSON.",
+    "Found 'package.json' at '/node_modules/dep/package.json'.",
+    "Entering conditional exports.",
+    "Matched 'exports' condition 'import'.",
+    "Using 'exports' subpath '.' with target './dist/index.mjs'.",
+    "File name '/node_modules/dep/dist/index.mjs' has a '.mjs' extension - stripping it.",
+    "File '/node_modules/dep/dist/index.mts' does not exist.",
+    "File '/node_modules/dep/dist/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
+    "Saw non-matching condition 'require'.",
+    "Matched 'exports' condition 'types'.",
+    "Using 'exports' subpath '.' with target './dist/index.d.ts'.",
+    "File '/node_modules/dep/dist/index.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
+    "Resolving real path for '/node_modules/dep/dist/index.d.ts', result '/node_modules/dep/dist/index.d.ts'.",
+    "======== Module name 'dep' was successfully resolved to '/node_modules/dep/dist/index.d.ts' with Package ID 'dep/dist/index.d.ts@1.0.0'. ========"
+]
\ No newline at end of file
diff --git a/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=node16).trace.json b/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=node16).trace.json
new file mode 100644
index 0000000000000..f99d7a4fa0516
--- /dev/null
+++ b/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=node16).trace.json
@@ -0,0 +1,39 @@
+[
+    "File '/node_modules/dep/dist/package.json' does not exist.",
+    "Found 'package.json' at '/node_modules/dep/package.json'.",
+    "======== Resolving module 'dep' from '/index.mts'. ========",
+    "Explicitly specified module resolution kind: 'Node16'.",
+    "Resolving in ESM mode with conditions 'node', 'import', 'types'.",
+    "File '/package.json' does not exist.",
+    "Loading module 'dep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
+    "File '/node_modules/dep/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
+    "Matched 'exports' condition 'import'.",
+    "Using 'exports' subpath '.' with target './dist/index.mjs'.",
+    "File name '/node_modules/dep/dist/index.mjs' has a '.mjs' extension - stripping it.",
+    "File '/node_modules/dep/dist/index.mts' does not exist.",
+    "File '/node_modules/dep/dist/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
+    "Saw non-matching condition 'require'.",
+    "Matched 'exports' condition 'types'.",
+    "Using 'exports' subpath '.' with target './dist/index.d.ts'.",
+    "File '/node_modules/dep/dist/index.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
+    "Resolving real path for '/node_modules/dep/dist/index.d.ts', result '/node_modules/dep/dist/index.d.ts'.",
+    "======== Module name 'dep' was successfully resolved to '/node_modules/dep/dist/index.d.ts' with Package ID 'dep/dist/index.d.ts@1.0.0'. ========",
+    "File 'package.json' does not exist.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups."
+]
\ No newline at end of file
diff --git a/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=nodenext).trace.json b/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=nodenext).trace.json
new file mode 100644
index 0000000000000..4c63ea4889b66
--- /dev/null
+++ b/tests/baselines/reference/conditionalExportsResolutionFallback(moduleresolution=nodenext).trace.json
@@ -0,0 +1,39 @@
+[
+    "File '/node_modules/dep/dist/package.json' does not exist.",
+    "Found 'package.json' at '/node_modules/dep/package.json'.",
+    "======== Resolving module 'dep' from '/index.mts'. ========",
+    "Explicitly specified module resolution kind: 'NodeNext'.",
+    "Resolving in ESM mode with conditions 'node', 'import', 'types'.",
+    "File '/package.json' does not exist.",
+    "Loading module 'dep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
+    "File '/node_modules/dep/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
+    "Matched 'exports' condition 'import'.",
+    "Using 'exports' subpath '.' with target './dist/index.mjs'.",
+    "File name '/node_modules/dep/dist/index.mjs' has a '.mjs' extension - stripping it.",
+    "File '/node_modules/dep/dist/index.mts' does not exist.",
+    "File '/node_modules/dep/dist/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
+    "Saw non-matching condition 'require'.",
+    "Matched 'exports' condition 'types'.",
+    "Using 'exports' subpath '.' with target './dist/index.d.ts'.",
+    "File '/node_modules/dep/dist/index.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
+    "Resolving real path for '/node_modules/dep/dist/index.d.ts', result '/node_modules/dep/dist/index.d.ts'.",
+    "======== Module name 'dep' was successfully resolved to '/node_modules/dep/dist/index.d.ts' with Package ID 'dep/dist/index.d.ts@1.0.0'. ========",
+    "File 'package.json' does not exist.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups.",
+    "File 'package.json' does not exist according to earlier cached lookups.",
+    "File '/package.json' does not exist according to earlier cached lookups."
+]
\ No newline at end of file
diff --git a/tests/baselines/reference/customConditions(resolvepackagejsonexports=true).trace.json b/tests/baselines/reference/customConditions(resolvepackagejsonexports=true).trace.json
index 5b02129d63960..48028b7f755d7 100644
--- a/tests/baselines/reference/customConditions(resolvepackagejsonexports=true).trace.json
+++ b/tests/baselines/reference/customConditions(resolvepackagejsonexports=true).trace.json
@@ -4,6 +4,7 @@
     "File '/package.json' does not exist.",
     "Loading module 'lodash' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration, JSON.",
     "Found 'package.json' at '/node_modules/lodash/package.json'.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'browser'.",
     "Matched 'exports' condition 'webpack'.",
     "Using 'exports' subpath '.' with target './webpack.js'.",
@@ -11,6 +12,8 @@
     "File '/node_modules/lodash/webpack.ts' does not exist.",
     "File '/node_modules/lodash/webpack.tsx' does not exist.",
     "File '/node_modules/lodash/webpack.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'webpack'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/lodash/webpack.d.ts', result '/node_modules/lodash/webpack.d.ts'.",
     "======== Module name 'lodash' was successfully resolved to '/node_modules/lodash/webpack.d.ts' with Package ID 'lodash/webpack.d.ts@1.0.0'. ========"
 ]
\ No newline at end of file
diff --git a/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=node16).trace.json b/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=node16).trace.json
index a4d5f1584f99d..2de6e35148566 100644
--- a/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=node16).trace.json
+++ b/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=node16).trace.json
@@ -39,9 +39,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types'.",
     "Using 'exports' subpath './yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-yep' from '/main.cts'. ========",
@@ -50,9 +53,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types@>=4'.",
     "Using 'exports' subpath './versioned-yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types@>=4'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/versioned-yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-nah' from '/main.cts'. ========",
@@ -61,11 +67,15 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-nah' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "Directory '/node_modules/@types' does not exist, skipping all lookups in it.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "======== Module name 'exports-and-types-versions/versioned-nah' was not resolved. ========",
     "======== Resolving module 'just-types-versions/foo' from '/main.cts'. ========",
@@ -126,9 +136,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types'.",
     "Using 'exports' subpath './yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-yep' from '/main.mts'. ========",
@@ -137,9 +150,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types@>=4'.",
     "Using 'exports' subpath './versioned-yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types@>=4'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/versioned-yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-nah' from '/main.mts'. ========",
@@ -148,11 +164,15 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-nah' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "Directory '/node_modules/@types' does not exist, skipping all lookups in it.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "======== Module name 'exports-and-types-versions/versioned-nah' was not resolved. ========",
     "======== Resolving module 'just-types-versions/foo' from '/main.mts'. ========",
diff --git a/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=nodenext).trace.json b/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=nodenext).trace.json
index c3b4275e49cd0..6f42ddd75ee24 100644
--- a/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=nodenext).trace.json
+++ b/tests/baselines/reference/nodeModulesExportsBlocksTypesVersions(module=nodenext).trace.json
@@ -39,9 +39,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types'.",
     "Using 'exports' subpath './yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-yep' from '/main.cts'. ========",
@@ -50,9 +53,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types@>=4'.",
     "Using 'exports' subpath './versioned-yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types@>=4'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/versioned-yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-nah' from '/main.cts'. ========",
@@ -61,11 +67,15 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-nah' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "Directory '/node_modules/@types' does not exist, skipping all lookups in it.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "======== Module name 'exports-and-types-versions/versioned-nah' was not resolved. ========",
     "======== Resolving module 'just-types-versions/foo' from '/main.cts'. ========",
@@ -126,9 +136,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types'.",
     "Using 'exports' subpath './yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-yep' from '/main.mts'. ========",
@@ -137,9 +150,12 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-yep' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'types@>=4'.",
     "Using 'exports' subpath './versioned-yep' with target './types/foo.d.ts'.",
     "File '/node_modules/exports-and-types-versions/types/foo.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'types@>=4'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/exports-and-types-versions/types/foo.d.ts', result '/node_modules/exports-and-types-versions/types/foo.d.ts'.",
     "======== Module name 'exports-and-types-versions/versioned-yep' was successfully resolved to '/node_modules/exports-and-types-versions/types/foo.d.ts' with Package ID 'exports-and-types-versions/types/foo.d.ts@1.0.0'. ========",
     "======== Resolving module 'exports-and-types-versions/versioned-nah' from '/main.mts'. ========",
@@ -148,11 +164,15 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'exports-and-types-versions/versioned-nah' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "Directory '/node_modules/@types' does not exist, skipping all lookups in it.",
     "File '/node_modules/exports-and-types-versions/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'types@<4'.",
+    "Exiting conditional exports.",
     "Export specifier './versioned-nah' does not exist in package.json scope at path '/node_modules/exports-and-types-versions'.",
     "======== Module name 'exports-and-types-versions/versioned-nah' was not resolved. ========",
     "======== Resolving module 'just-types-versions/foo' from '/main.mts'. ========",
diff --git a/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=bundler).trace.json b/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=bundler).trace.json
index 86b684ebdf505..2a50df0adeead 100644
--- a/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=bundler).trace.json
+++ b/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=bundler).trace.json
@@ -4,18 +4,24 @@
     "File '/package.json' does not exist.",
     "Loading module 'foo' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration, JSON.",
     "Found 'package.json' at '/node_modules/foo/package.json'.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/foo/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/foo/index.mts' does not exist.",
     "File '/node_modules/foo/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
     "Saw non-matching condition 'require'.",
+    "Exiting conditional exports.",
     "File '/node_modules/@types/foo.d.ts' does not exist.",
     "File '/node_modules/foo/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/foo/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/foo/index.mjs' exists - use it as a name resolution result.",
+    "Resolved under condition 'import'.",
+    "Exiting conditional exports.",
     "Resolution of non-relative name failed; trying with modern Node resolution features disabled to see if npm library needs configuration update.",
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'foo' from 'node_modules' folder, target file types: TypeScript, Declaration.",
@@ -34,19 +40,27 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'bar' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration, JSON.",
     "Found 'package.json' at '/node_modules/bar/package.json'.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/bar/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/bar/index.mts' does not exist.",
     "File '/node_modules/bar/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
     "Saw non-matching condition 'require'.",
+    "Exiting conditional exports.",
     "Found 'package.json' at '/node_modules/@types/bar/package.json'.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'require'.",
+    "Exiting conditional exports.",
     "File '/node_modules/bar/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/bar/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/bar/index.mjs' exists - use it as a name resolution result.",
+    "Resolved under condition 'import'.",
+    "Exiting conditional exports.",
     "Resolution of non-relative name failed; trying with modern Node resolution features disabled to see if npm library needs configuration update.",
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'bar' from 'node_modules' folder, target file types: TypeScript, Declaration.",
diff --git a/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=node16).trace.json b/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=node16).trace.json
index 9312334354570..9c99e7dbe3ac8 100644
--- a/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=node16).trace.json
+++ b/tests/baselines/reference/resolvesWithoutExportsDiagnostic1(moduleresolution=node16).trace.json
@@ -7,17 +7,23 @@
     "File '/package.json' does not exist.",
     "Loading module 'foo' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "File '/node_modules/foo/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/foo/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/foo/index.mts' does not exist.",
     "File '/node_modules/foo/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
     "Saw non-matching condition 'require'.",
+    "Exiting conditional exports.",
     "File '/node_modules/foo/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/foo/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/foo/index.mjs' exists - use it as a name resolution result.",
+    "Resolved under condition 'import'.",
+    "Exiting conditional exports.",
     "Resolution of non-relative name failed; trying with modern Node resolution features disabled to see if npm library needs configuration update.",
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'foo' from 'node_modules' folder, target file types: TypeScript, Declaration.",
@@ -34,19 +40,27 @@
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'bar' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.",
     "Found 'package.json' at '/node_modules/bar/package.json'.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/bar/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/bar/index.mts' does not exist.",
     "File '/node_modules/bar/index.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
     "Saw non-matching condition 'require'.",
+    "Exiting conditional exports.",
     "File '/node_modules/@types/bar/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Saw non-matching condition 'require'.",
+    "Exiting conditional exports.",
     "File '/node_modules/bar/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './index.mjs'.",
     "File name '/node_modules/bar/index.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/bar/index.mjs' exists - use it as a name resolution result.",
+    "Resolved under condition 'import'.",
+    "Exiting conditional exports.",
     "Resolution of non-relative name failed; trying with modern Node resolution features disabled to see if npm library needs configuration update.",
     "File '/package.json' does not exist according to earlier cached lookups.",
     "Loading module 'bar' from 'node_modules' folder, target file types: TypeScript, Declaration.",
diff --git a/tests/baselines/reference/selfNameModuleAugmentation.trace.json b/tests/baselines/reference/selfNameModuleAugmentation.trace.json
index f9b4d54f55df1..fa0232b7c6ebf 100644
--- a/tests/baselines/reference/selfNameModuleAugmentation.trace.json
+++ b/tests/baselines/reference/selfNameModuleAugmentation.trace.json
@@ -3,11 +3,13 @@
     "Explicitly specified module resolution kind: 'Bundler'.",
     "File '/node_modules/acorn-walk/dist/package.json' does not exist.",
     "Found 'package.json' at '/node_modules/acorn-walk/package.json'.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './dist/walk.mjs'.",
     "File name '/node_modules/acorn-walk/dist/walk.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/acorn-walk/dist/walk.mts' does not exist.",
     "File '/node_modules/acorn-walk/dist/walk.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
     "Saw non-matching condition 'require'.",
     "Matched 'exports' condition 'default'.",
     "Using 'exports' subpath '.' with target './dist/walk.js'.",
@@ -15,6 +17,8 @@
     "File '/node_modules/acorn-walk/dist/walk.ts' does not exist.",
     "File '/node_modules/acorn-walk/dist/walk.tsx' does not exist.",
     "File '/node_modules/acorn-walk/dist/walk.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'default'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/acorn-walk/dist/walk.d.ts', result '/node_modules/acorn-walk/dist/walk.d.ts'.",
     "======== Module name 'acorn-walk' was successfully resolved to '/node_modules/acorn-walk/dist/walk.d.ts' with Package ID 'acorn-walk/dist/walk.d.ts@8.2.0'. ========",
     "======== Resolving module 'acorn-walk' from '/index.ts'. ========",
@@ -22,11 +26,13 @@
     "File '/package.json' does not exist.",
     "Loading module 'acorn-walk' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration, JSON.",
     "File '/node_modules/acorn-walk/package.json' exists according to earlier cached lookups.",
+    "Entering conditional exports.",
     "Matched 'exports' condition 'import'.",
     "Using 'exports' subpath '.' with target './dist/walk.mjs'.",
     "File name '/node_modules/acorn-walk/dist/walk.mjs' has a '.mjs' extension - stripping it.",
     "File '/node_modules/acorn-walk/dist/walk.mts' does not exist.",
     "File '/node_modules/acorn-walk/dist/walk.d.mts' does not exist.",
+    "Failed to resolve under condition 'import'.",
     "Saw non-matching condition 'require'.",
     "Matched 'exports' condition 'default'.",
     "Using 'exports' subpath '.' with target './dist/walk.js'.",
@@ -34,6 +40,8 @@
     "File '/node_modules/acorn-walk/dist/walk.ts' does not exist.",
     "File '/node_modules/acorn-walk/dist/walk.tsx' does not exist.",
     "File '/node_modules/acorn-walk/dist/walk.d.ts' exists - use it as a name resolution result.",
+    "Resolved under condition 'default'.",
+    "Exiting conditional exports.",
     "Resolving real path for '/node_modules/acorn-walk/dist/walk.d.ts', result '/node_modules/acorn-walk/dist/walk.d.ts'.",
     "======== Module name 'acorn-walk' was successfully resolved to '/node_modules/acorn-walk/dist/walk.d.ts' with Package ID 'acorn-walk/dist/walk.d.ts@8.2.0'. ========"
 ]
\ No newline at end of file
diff --git a/tests/baselines/reference/tscWatch/forceConsistentCasingInFileNames/with-nodeNext-resolution.js b/tests/baselines/reference/tscWatch/forceConsistentCasingInFileNames/with-nodeNext-resolution.js
index 02144e8380445..20deca3dbd2fb 100644
--- a/tests/baselines/reference/tscWatch/forceConsistentCasingInFileNames/with-nodeNext-resolution.js
+++ b/tests/baselines/reference/tscWatch/forceConsistentCasingInFileNames/with-nodeNext-resolution.js
@@ -54,11 +54,17 @@ File '/Users/name/projects/web/node_modules/yargs.ts' does not exist.
 File '/Users/name/projects/web/node_modules/yargs.tsx' does not exist.
 File '/Users/name/projects/web/node_modules/yargs.d.ts' does not exist.
 Found 'package.json' at '/Users/name/projects/web/node_modules/@types/yargs/package.json'.
+Entering conditional exports.
 Matched 'exports' condition 'types'.
+Entering conditional exports.
 Saw non-matching condition 'import'.
 Matched 'exports' condition 'default'.
 Using 'exports' subpath '.' with target './index.d.ts'.
 File '/Users/name/projects/web/node_modules/@types/yargs/index.d.ts' exists - use it as a name resolution result.
+Resolved under condition 'default'.
+Exiting conditional exports.
+Resolved under condition 'types'.
+Exiting conditional exports.
 Resolving real path for '/Users/name/projects/web/node_modules/@types/yargs/index.d.ts', result '/Users/name/projects/web/node_modules/@types/yargs/index.d.ts'.
 ======== Module name 'yargs' was successfully resolved to '/Users/name/projects/web/node_modules/@types/yargs/index.d.ts' with Package ID 'yargs/index.d.ts@17.0.12'. ========
 File '/Users/name/projects/web/node_modules/@types/yargs/package.json' exists according to earlier cached lookups.
diff --git a/tests/baselines/reference/tscWatch/moduleResolution/diagnostics-from-cache.js b/tests/baselines/reference/tscWatch/moduleResolution/diagnostics-from-cache.js
index 5ef1629af560a..28a6ab7fd28d4 100644
--- a/tests/baselines/reference/tscWatch/moduleResolution/diagnostics-from-cache.js
+++ b/tests/baselines/reference/tscWatch/moduleResolution/diagnostics-from-cache.js
@@ -39,9 +39,12 @@ Found 'package.json' at '/user/username/projects/myproject/package.json'.
 Explicitly specified module resolution kind: 'NodeNext'.
 Resolving in ESM mode with conditions 'node', 'import', 'types'.
 File '/user/username/projects/myproject/package.json' exists according to earlier cached lookups.
+Entering conditional exports.
 Matched 'exports' condition 'default'.
 Using 'exports' subpath '.' with target './dist/index.js'.
 File '/user/username/projects/myproject/index.ts' exists - use it as a name resolution result.
+Resolved under condition 'default'.
+Exiting conditional exports.
 Resolving real path for '/user/username/projects/myproject/index.ts', result '/user/username/projects/myproject/index.ts'.
 ======== Module name '@this/package' was successfully resolved to '/user/username/projects/myproject/index.ts'. ========
 File '/user/username/projects/myproject/package.json' exists according to earlier cached lookups.
diff --git a/tests/baselines/reference/tscWatch/moduleResolution/module-resolutions-from-file-are-partially-used.js b/tests/baselines/reference/tscWatch/moduleResolution/module-resolutions-from-file-are-partially-used.js
index a1db17bcd32d3..7bc2102e1680d 100644
--- a/tests/baselines/reference/tscWatch/moduleResolution/module-resolutions-from-file-are-partially-used.js
+++ b/tests/baselines/reference/tscWatch/moduleResolution/module-resolutions-from-file-are-partially-used.js
@@ -66,12 +66,15 @@ File '/user/package.json' does not exist according to earlier cached lookups.
 File '/package.json' does not exist according to earlier cached lookups.
 Loading module 'pkg' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.
 Found 'package.json' at '/user/username/projects/myproject/node_modules/pkg/package.json'.
+Entering conditional exports.
 Matched 'exports' condition 'import'.
 Using 'exports' subpath '.' with target './import.js'.
 File name '/user/username/projects/myproject/node_modules/pkg/import.js' has a '.js' extension - stripping it.
 File '/user/username/projects/myproject/node_modules/pkg/import.ts' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg/import.tsx' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg/import.d.ts' exists - use it as a name resolution result.
+Resolved under condition 'import'.
+Exiting conditional exports.
 Resolving real path for '/user/username/projects/myproject/node_modules/pkg/import.d.ts', result '/user/username/projects/myproject/node_modules/pkg/import.d.ts'.
 ======== Module name 'pkg' was successfully resolved to '/user/username/projects/myproject/node_modules/pkg/import.d.ts' with Package ID 'pkg/import.d.ts@0.0.1'. ========
 ======== Resolving module 'pkg1' from '/user/username/projects/myproject/index.ts'. ========
@@ -84,6 +87,7 @@ File '/user/package.json' does not exist according to earlier cached lookups.
 File '/package.json' does not exist according to earlier cached lookups.
 Loading module 'pkg1' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.
 Found 'package.json' at '/user/username/projects/myproject/node_modules/pkg1/package.json'.
+Entering conditional exports.
 Saw non-matching condition 'import'.
 Matched 'exports' condition 'require'.
 Using 'exports' subpath '.' with target './require.js'.
@@ -91,18 +95,23 @@ File name '/user/username/projects/myproject/node_modules/pkg1/require.js' has a
 File '/user/username/projects/myproject/node_modules/pkg1/require.ts' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg1/require.tsx' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg1/require.d.ts' does not exist.
+Failed to resolve under condition 'require'.
+Exiting conditional exports.
 Directory '/user/username/projects/myproject/node_modules/@types' does not exist, skipping all lookups in it.
 Directory '/user/username/projects/node_modules' does not exist, skipping all lookups in it.
 Directory '/user/username/node_modules' does not exist, skipping all lookups in it.
 Directory '/user/node_modules' does not exist, skipping all lookups in it.
 Directory '/node_modules' does not exist, skipping all lookups in it.
 File '/user/username/projects/myproject/node_modules/pkg1/package.json' exists according to earlier cached lookups.
+Entering conditional exports.
 Saw non-matching condition 'import'.
 Matched 'exports' condition 'require'.
 Using 'exports' subpath '.' with target './require.js'.
 File name '/user/username/projects/myproject/node_modules/pkg1/require.js' has a '.js' extension - stripping it.
 File '/user/username/projects/myproject/node_modules/pkg1/require.js' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg1/require.jsx' does not exist.
+Failed to resolve under condition 'require'.
+Exiting conditional exports.
 Directory '/user/username/projects/node_modules' does not exist, skipping all lookups in it.
 Directory '/user/username/node_modules' does not exist, skipping all lookups in it.
 Directory '/user/node_modules' does not exist, skipping all lookups in it.
@@ -236,12 +245,15 @@ File '/user/package.json' does not exist according to earlier cached lookups.
 File '/package.json' does not exist according to earlier cached lookups.
 Loading module 'pkg' from 'node_modules' folder, target file types: TypeScript, JavaScript, Declaration.
 File '/user/username/projects/myproject/node_modules/pkg/package.json' exists according to earlier cached lookups.
+Entering conditional exports.
 Matched 'exports' condition 'import'.
 Using 'exports' subpath '.' with target './import.js'.
 File name '/user/username/projects/myproject/node_modules/pkg/import.js' has a '.js' extension - stripping it.
 File '/user/username/projects/myproject/node_modules/pkg/import.ts' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg/import.tsx' does not exist.
 File '/user/username/projects/myproject/node_modules/pkg/import.d.ts' exists - use it as a name resolution result.
+Resolved under condition 'import'.
+Exiting conditional exports.
 Resolving real path for '/user/username/projects/myproject/node_modules/pkg/import.d.ts', result '/user/username/projects/myproject/node_modules/pkg/import.d.ts'.
 ======== Module name 'pkg' was successfully resolved to '/user/username/projects/myproject/node_modules/pkg/import.d.ts' with Package ID 'pkg/import.d.ts@0.0.1'. ========
 File '/user/username/projects/myproject/node_modules/pkg/package.json' exists according to earlier cached lookups.
diff --git a/tests/baselines/reference/tscWatch/moduleResolution/type-reference-resolutions-reuse.js b/tests/baselines/reference/tscWatch/moduleResolution/type-reference-resolutions-reuse.js
index fc84db6c07497..827b58d73b992 100644
--- a/tests/baselines/reference/tscWatch/moduleResolution/type-reference-resolutions-reuse.js
+++ b/tests/baselines/reference/tscWatch/moduleResolution/type-reference-resolutions-reuse.js
@@ -75,21 +75,27 @@ File '/package.json' does not exist according to earlier cached lookups.
 Resolving with primary search path '/user/username/projects/myproject/node_modules/@types'.
 Looking up in 'node_modules' folder, initial location '/user/username/projects/myproject'.
 Found 'package.json' at '/user/username/projects/myproject/node_modules/pkg/package.json'.
+Entering conditional exports.
 Matched 'exports' condition 'import'.
 Using 'exports' subpath '.' with target './import.js'.
 File name '/user/username/projects/myproject/node_modules/pkg/import.js' has a '.js' extension - stripping it.
 File '/user/username/projects/myproject/node_modules/pkg/import.d.ts' exists - use it as a name resolution result.
+Resolved under condition 'import'.
+Exiting conditional exports.
 Resolving real path for '/user/username/projects/myproject/node_modules/pkg/import.d.ts', result '/user/username/projects/myproject/node_modules/pkg/import.d.ts'.
 ======== Type reference directive 'pkg' was successfully resolved to '/user/username/projects/myproject/node_modules/pkg/import.d.ts' with Package ID 'pkg/import.d.ts@0.0.1', primary: false. ========
 ======== Resolving type reference directive 'pkg1', containing file '/user/username/projects/myproject/index.ts', root directory '/user/username/projects/myproject/node_modules/@types'. ========
 Resolving with primary search path '/user/username/projects/myproject/node_modules/@types'.
 Looking up in 'node_modules' folder, initial location '/user/username/projects/myproject'.
 Found 'package.json' at '/user/username/projects/myproject/node_modules/pkg1/package.json'.
+Entering conditional exports.
 Saw non-matching condition 'import'.
 Matched 'exports' condition 'require'.
 Using 'exports' subpath '.' with target './require.js'.
 File name '/user/username/projects/myproject/node_modules/pkg1/require.js' has a '.js' extension - stripping it.
 File '/user/username/projects/myproject/node_modules/pkg1/require.d.ts' does not exist.
+Failed to resolve under condition 'require'.
+Exiting conditional exports.
 File '/user/username/projects/myproject/node_modules/@types/pkg1.d.ts' does not exist.
 Directory '/user/username/projects/node_modules' does not exist, skipping all lookups in it.
 Directory '/user/username/node_modules' does not exist, skipping all lookups in it.
@@ -251,10 +257,13 @@ File '/package.json' does not exist according to earlier cached lookups.
 Resolving with primary search path '/user/username/projects/myproject/node_modules/@types'.
 Looking up in 'node_modules' folder, initial location '/user/username/projects/myproject'.
 File '/user/username/projects/myproject/node_modules/pkg/package.json' exists according to earlier cached lookups.
+Entering conditional exports.
 Matched 'exports' condition 'import'.
 Using 'exports' subpath '.' with target './import.js'.
 File name '/user/username/projects/myproject/node_modules/pkg/import.js' has a '.js' extension - stripping it.
 File '/user/username/projects/myproject/node_modules/pkg/import.d.ts' exists - use it as a name resolution result.
+Resolved under condition 'import'.
+Exiting conditional exports.
 Resolving real path for '/user/username/projects/myproject/node_modules/pkg/import.d.ts', result '/user/username/projects/myproject/node_modules/pkg/import.d.ts'.
 ======== Type reference directive 'pkg' was successfully resolved to '/user/username/projects/myproject/node_modules/pkg/import.d.ts' with Package ID 'pkg/import.d.ts@0.0.1', primary: false. ========
 File '/user/username/projects/myproject/node_modules/pkg/package.json' exists according to earlier cached lookups.
diff --git a/tests/cases/conformance/moduleResolution/conditionalExportsResolutionFallback.ts b/tests/cases/conformance/moduleResolution/conditionalExportsResolutionFallback.ts
new file mode 100644
index 0000000000000..d9a1d480b8ef3
--- /dev/null
+++ b/tests/cases/conformance/moduleResolution/conditionalExportsResolutionFallback.ts
@@ -0,0 +1,33 @@
+// @moduleResolution: node16,nodenext,bundler
+// @traceResolution: true
+// @allowJs: true
+// @noTypesAndSymbols: true
+// @noEmit: true
+
+// This documents bug https://github.com/microsoft/TypeScript/issues/50762.
+
+// @Filename: /node_modules/dep/package.json
+{
+  "name": "dep",
+  "version": "1.0.0",
+  "exports": {
+    ".": {
+        "import": "./dist/index.mjs",
+        "require": "./dist/index.js",
+        "types": "./dist/index.d.ts",
+    }
+  }
+}
+
+// @Filename: /node_modules/dep/dist/index.d.ts
+export {};
+
+// @Filename: /node_modules/dep/dist/index.mjs
+export {};
+
+// @Filename: /index.mts
+import {} from "dep";
+// Should be an untyped resolution to dep/dist/index.mjs,
+// but the first search is only for TS files, and when
+// there's no dist/index.d.mts, it continues looking for
+// matching conditions and resolves via `types`.
\ No newline at end of file