diff --git a/packages/plugin-react/src/refreshUtils.js b/packages/plugin-react/src/refreshUtils.js
index 98b2f3af..0ca2b011 100644
--- a/packages/plugin-react/src/refreshUtils.js
+++ b/packages/plugin-react/src/refreshUtils.js
@@ -26,9 +26,12 @@ function registerExportsForReactRefresh(filename, moduleExports) {
 }
 
 function validateRefreshBoundaryAndEnqueueUpdate(prevExports, nextExports) {
-  if (!predicateOnExport(prevExports, (key) => !!nextExports[key])) {
+  if (!predicateOnExport(prevExports, (key) => key in nextExports)) {
     return 'Could not Fast Refresh (export removed)'
   }
+  if (!predicateOnExport(nextExports, (key) => key in prevExports)) {
+    return 'Could not Fast Refresh (new export)'
+  }
 
   let hasExports = false
   const allExportsAreComponentsOrUnchanged = predicateOnExport(
@@ -36,7 +39,6 @@ function validateRefreshBoundaryAndEnqueueUpdate(prevExports, nextExports) {
     (key, value) => {
       hasExports = true
       if (exports.isLikelyComponentType(value)) return true
-      if (!prevExports[key]) return false
       return prevExports[key] === nextExports[key]
     },
   )