diff --git a/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js b/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js
index 8ffda28444..3f2f86dfdd 100644
--- a/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js
+++ b/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js
@@ -246,12 +246,18 @@ function getModuleMetadata(
   });
 
   for (const metadata of sourceData.values()) {
-    if (metadata.importsNamespace.size > 0) {
-      metadata.interop = "namespace";
-      continue;
-    }
     let needsDefault = false;
     let needsNamed = false;
+
+    if (metadata.importsNamespace.size > 0) {
+      needsDefault = true;
+      needsNamed = true;
+    }
+
+    if (metadata.reexportAll) {
+      needsNamed = true;
+    }
+
     for (const importName of metadata.imports.values()) {
       if (importName === "default") needsDefault = true;
       else needsNamed = true;
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/interop/export-all/input.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/interop/export-all/input.js
new file mode 100644
index 0000000000..f419f4c89c
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/interop/export-all/input.js
@@ -0,0 +1,6 @@
+// The fact that this exports both a normal default, and all of the names via
+// re-export is an edge case that is important not to miss. See
+// https://github.com/babel/babel/issues/8306 as an example.
+import _default from 'react';
+export default _default;
+export * from 'react';
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/interop/export-all/output.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/interop/export-all/output.js
new file mode 100644
index 0000000000..95892f7cc6
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/interop/export-all/output.js
@@ -0,0 +1,25 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+var _exportNames = {};
+exports.default = void 0;
+
+var _react = babelHelpers.interopRequireWildcard(require("react"));
+
+Object.keys(_react).forEach(function (key) {
+  if (key === "default" || key === "__esModule") return;
+  if (Object.prototype.hasOwnProperty.call(_exportNames, key)) return;
+  Object.defineProperty(exports, key, {
+    enumerable: true,
+    get: function () {
+      return _react[key];
+    }
+  });
+});
+// The fact that this exports both a normal default, and all of the names via
+// re-export is an edge case that is important not to miss. See
+// https://github.com/babel/babel/issues/8306 as an example.
+var _default2 = _react.default;
+exports.default = _default2;