diff --git a/.changeset/little-beers-cheer.md b/.changeset/little-beers-cheer.md
new file mode 100644
index 000000000..21c8faf76
--- /dev/null
+++ b/.changeset/little-beers-cheer.md
@@ -0,0 +1,16 @@
+---
+"@modular-css/css-to-js": patch
+"@modular-css/processor": patch
+"@modular-css/webpack": patch
+---
+
+Ensure that aliased values get exported, fixing #982
+
+```
+@value * as values from "./other-file.css";
+@value local: values.somevalue;
+```
+
+Previously that `local` value wouldn't exist in the JS exports, it was mistakenly treated like the `values` external value.
+
+Also adds semi-colons to variable declarations in the generated JS for vite/rollup/webpack.
diff --git a/packages/css-to-js/css-to-js.js b/packages/css-to-js/css-to-js.js
index c563b36cb..f34f2aa47 100644
--- a/packages/css-to-js/css-to-js.js
+++ b/packages/css-to-js/css-to-js.js
@@ -212,7 +212,7 @@ exports.transform = (file, processor, opts = {}) => {
 
         internalsMap.set(value, unique);
 
-        out.push(`${variableDeclaration} ${unique} = ${JSON.stringify(value)}`);
+        out.push(`${variableDeclaration} ${unique} = ${JSON.stringify(value)};`);
 
         valueExports.set(key, unique);
     });
@@ -258,7 +258,7 @@ exports.transform = (file, processor, opts = {}) => {
 
         elements.push(...details.classes[key].map((t) => JSON.stringify(t)));
 
-        out.push(`${variableDeclaration} ${unique} = ${elements.join(` + " " + `)}`);
+        out.push(`${variableDeclaration} ${unique} = ${elements.join(` + " " + `)};`);
 
         defaultExports.push([ key, unique ]);
 
diff --git a/packages/css-to-js/test/__snapshots__/api.test.js.snap b/packages/css-to-js/test/__snapshots__/api.test.js.snap
index a12e99aa9..4a94f6b21 100644
--- a/packages/css-to-js/test/__snapshots__/api.test.js.snap
+++ b/packages/css-to-js/test/__snapshots__/api.test.js.snap
@@ -2,7 +2,7 @@
 
 exports[`@modular-css/css-to-js API should dedupe repeated identifiers: code 1`] = `
 import { a } from "<ROOT-DIR>/a.css";
-const a1 = a + " " + "mc71966a67_a"
+const a1 = a + " " + "mc71966a67_a";
 export default {
     "a" : a1
 };
@@ -13,7 +13,7 @@ export {
 `;
 
 exports[`@modular-css/css-to-js API should generate a javscript proxy in dev: code 1`] = `
-const a = "mc74f3fa7b_a"
+const a = "mc74f3fa7b_a";
 const data = {
     a
 };
@@ -44,8 +44,8 @@ exports[`@modular-css/css-to-js API should generate empty results & a warning on
 `;
 
 exports[`@modular-css/css-to-js API should generate javascript from composes: code 1`] = `
-const custom = "mca72bf2bd_custom"
-const rule = custom + " " + "mca72bf2bd_rule"
+const custom = "mca72bf2bd_custom";
+const rule = custom + " " + "mca72bf2bd_rule";
 export default {
     custom,
 rule
@@ -58,8 +58,8 @@ rule
 `;
 
 exports[`@modular-css/css-to-js API should generate javascript from multiple composes: code 1`] = `
-const rule = custom + " " + "mc9c938a76_rule"
-const custom = "mc9c938a76_custom"
+const rule = custom + " " + "mc9c938a76_rule";
+const custom = "mc9c938a76_custom";
 export default {
     rule,
 custom
@@ -72,11 +72,11 @@ custom
 `;
 
 exports[`@modular-css/css-to-js API should generate javascript with var variable statements: code 1`] = `
-var str = "\\"string\\""
+var str = "\\"string\\"";
 var $values = {
     str,
 };
-var fooga = "mce1ef44f3_fooga"
+var fooga = "mce1ef44f3_fooga";
 export default {
     $values,
 fooga
@@ -89,7 +89,7 @@ fooga
 `;
 
 exports[`@modular-css/css-to-js API should generate javascript: code 1`] = `
-const a = "mc74f3fa7b_a"
+const a = "mc74f3fa7b_a";
 export default {
     a
 };
@@ -100,7 +100,7 @@ export {
 `;
 
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: { rewriteInvalid: false }: code 1`] = `
-const a1 = "mc74f3fa7b_a-1"
+const a1 = "mc74f3fa7b_a-1";
 export default {
     "a-1" : a1
 };
@@ -115,7 +115,7 @@ exports[`@modular-css/css-to-js API should handle options.namedExports set to: {
 `;
 
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: { rewriteInvalid: false, warn: false }: code 1`] = `
-const a1 = "mc74f3fa7b_a-1"
+const a1 = "mc74f3fa7b_a-1";
 export default {
     "a-1" : a1
 };
@@ -126,7 +126,7 @@ exports[`@modular-css/css-to-js API should handle options.namedExports set to: {
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: { rewriteInvalid: false, warn: false }: warnings 1`] = `[]`;
 
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: { warn: false }: code 1`] = `
-const a1 = "mc74f3fa7b_a-1"
+const a1 = "mc74f3fa7b_a-1";
 export default {
     "a-1" : a1
 };
@@ -145,7 +145,7 @@ exports[`@modular-css/css-to-js API should handle options.namedExports set to: {
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: { warn: false }: warnings 1`] = `[]`;
 
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: {}: code 1`] = `
-const a1 = "mc74f3fa7b_a-1"
+const a1 = "mc74f3fa7b_a-1";
 export default {
     "a-1" : a1
 };
@@ -168,7 +168,7 @@ exports[`@modular-css/css-to-js API should handle options.namedExports set to: {
 `;
 
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: false: code 1`] = `
-const a1 = "mc74f3fa7b_a-1"
+const a1 = "mc74f3fa7b_a-1";
 export default {
     "a-1" : a1
 };
@@ -179,7 +179,7 @@ exports[`@modular-css/css-to-js API should handle options.namedExports set to: f
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: false: warnings 1`] = `[]`;
 
 exports[`@modular-css/css-to-js API should handle options.namedExports set to: true: code 1`] = `
-const a1 = "mc74f3fa7b_a-1"
+const a1 = "mc74f3fa7b_a-1";
 export default {
     "a-1" : a1
 };
@@ -202,7 +202,7 @@ exports[`@modular-css/css-to-js API should handle options.namedExports set to: t
 `;
 
 exports[`@modular-css/css-to-js API should output css when requested: code 1`] = `
-const a = "mc74f3fa7b_a"
+const a = "mc74f3fa7b_a";
 export default {
     a
 };
@@ -214,21 +214,40 @@ export const styles = ".mc74f3fa7b_a { color: red; }";
 `;
 
 exports[`@modular-css/css-to-js API should output without default export: code 1`] = `
-const a = "mc74f3fa7b_a"
+const a = "mc74f3fa7b_a";
 
 export {
     a
 };
 `;
 
+exports[`@modular-css/css-to-js API should represent external @values aliased to local @values: code 1`] = `
+import { $values as $aValues } from "<ROOT-DIR>/a.css";
+const v = "#00F";
+const $values = {
+    "values" : $aValues,
+v,
+};
+const b = "mc71966a67_b";
+export default {
+    $values,
+b
+};
+
+export {
+    $values,
+b
+};
+`;
+
 exports[`@modular-css/css-to-js API should represent external @values namespaces: code 1`] = `
 import { $values as $aValues } from "<ROOT-DIR>/a.css";
-const v = "#0F0"
+const v = "#0F0";
 const $values = {
     "values" : $aValues,
 v,
 };
-const b = "mc71966a67_b"
+const b = "mc71966a67_b";
 export default {
     $values,
 b
@@ -245,7 +264,7 @@ import { $values as $aValues } from "<ROOT-DIR>/a.css";
 const $values = {
     "v" : $aValues["v"],
 };
-const b = "mc71966a67_b"
+const b = "mc71966a67_b";
 export default {
     $values,
 b
@@ -259,7 +278,7 @@ b
 
 exports[`@modular-css/css-to-js API should represent external composition: code 1`] = `
 import { a } from "<ROOT-DIR>/a.css";
-const b = a + " " + "mc71966a67_b"
+const b = a + " " + "mc71966a67_b";
 export default {
     b
 };
@@ -270,11 +289,11 @@ export {
 `;
 
 exports[`@modular-css/css-to-js API should represent local @values: code 1`] = `
-const v = "#00F"
+const v = "#00F";
 const $values = {
     v,
 };
-const a = "mc74f3fa7b_a"
+const a = "mc74f3fa7b_a";
 export default {
     $values,
 a
@@ -287,8 +306,8 @@ a
 `;
 
 exports[`@modular-css/css-to-js API should represent local composition: code 1`] = `
-const a = "mc74f3fa7b_a"
-const b = a + " " + "mc74f3fa7b_b"
+const a = "mc74f3fa7b_a";
+const b = a + " " + "mc74f3fa7b_b";
 export default {
     a,
 b
@@ -302,7 +321,7 @@ b
 
 exports[`@modular-css/css-to-js API should use relative imports when requested: code 1`] = `
 import { a } from "./a.css";
-const b = a + " " + "mc71966a67_b"
+const b = a + " " + "mc71966a67_b";
 export default {
     b
 };
diff --git a/packages/css-to-js/test/api.test.js b/packages/css-to-js/test/api.test.js
index 61188d9a4..5efb5c48f 100644
--- a/packages/css-to-js/test/api.test.js
+++ b/packages/css-to-js/test/api.test.js
@@ -175,6 +175,24 @@ describe("@modular-css/css-to-js API", () => {
         expect(code).toMatchSnapshot("code");
         expect(namedExports).toEqual([ "$values", "b" ]);
     });
+    
+    it("should represent external @values aliased to local @values", async () => {
+        const processor = new Processor({ resolvers });
+
+        await processor.string("./a.css", `@value v1: #00F; @value v2: #F00; `);
+        await processor.string("./b.css", dedent(`
+            @value * as values from "./a.css";
+            @value v: values.v1;
+
+            .b {
+                border-color: v;
+            }
+        `));
+
+        const { code } = transform("./b.css", processor);
+
+        expect(code).toMatchSnapshot("code");
+    });
 
 
     it("should generate javascript from composes", async () => {
diff --git a/packages/processor/plugins/before/values-local.js b/packages/processor/plugins/before/values-local.js
index 34f2e64fb..af0f9fa98 100644
--- a/packages/processor/plugins/before/values-local.js
+++ b/packages/processor/plugins/before/values-local.js
@@ -30,10 +30,15 @@ module.exports = () => ({
                         return;
                     }
 
-                    // Simple references to existing values are handled as object references,
-                    // so they're always kept up-to-date
+                    // Simple reference to an existing value
                     if(values[details.value]) {
-                        values[details.name] = values[details.value];
+                        values[details.name] = {
+                            ...values[details.value],
+                            source   : rule.source,
+                            external : false,
+                        };
+
+                        // console.log("values-local after", values[details.name]);
                     } else {
                         // Otherwise need to walk @value body and check for any replacments to make
                         const parsed = value(details.value);
@@ -47,8 +52,9 @@ module.exports = () => ({
                         });
 
                         values[details.name] = {
-                            value  : parsed.toString(),
-                            source : rule.source,
+                            value    : parsed.toString(),
+                            source   : rule.source,
+                            external : false,
                         };
                     }
                     
diff --git a/packages/processor/plugins/values-import.js b/packages/processor/plugins/values-import.js
index cdb50bde9..1e641cc5b 100644
--- a/packages/processor/plugins/values-import.js
+++ b/packages/processor/plugins/values-import.js
@@ -121,9 +121,12 @@ module.exports = () => ({
                 // Update any references that might've been affected by imports
                 for(const name of Object.keys(values)) {
                     const { value } = values[name];
-
+                    
                     if(value in values) {
-                        values[name] = values[value];
+                        values[name] = {
+                            ...values[value],
+                            external : values[name].external,
+                        };
                     }
                 }
             },
diff --git a/packages/webpack/test/__snapshots__/webpack.test.js.snap b/packages/webpack/test/__snapshots__/webpack.test.js.snap
index ef4bbe68a..a8e8f1617 100644
--- a/packages/webpack/test/__snapshots__/webpack.test.js.snap
+++ b/packages/webpack/test/__snapshots__/webpack.test.js.snap
@@ -17,7 +17,7 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "styles": () => (/* binding */ styles),
 /* harmony export */   "wooga": () => (/* binding */ wooga)
 /* harmony export */ });
-const wooga = "mc8d99986b_wooga"
+const wooga = "mc8d99986b_wooga";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     wooga
 });
@@ -123,7 +123,7 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "one": () => (/* binding */ one),
 /* harmony export */   "styles": () => (/* binding */ styles)
 /* harmony export */ });
-const one = "mc_one"
+const one = "mc_one";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     one
 });
@@ -229,7 +229,7 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "styles": () => (/* binding */ styles),
 /* harmony export */   "two": () => (/* binding */ two)
 /* harmony export */ });
-const two = "mc_two"
+const two = "mc_two";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     two
 });
@@ -654,11 +654,11 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "folder": () => (/* binding */ folder1),
 /* harmony export */   "styles": () => (/* binding */ styles)
 /* harmony export */ });
-const folder = "white"
+const folder = "white";
 const $values = {
     folder,
 };
-const folder1 = "mc_folder"
+const folder1 = "mc_folder";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     $values,
 "folder" : folder1
@@ -686,15 +686,15 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */ });
 /* harmony import */ var _folder_folder_css__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! ./folder/folder.css */ "./packages/webpack/test/specimens/folder/folder.css");
 
-const one = "red"
-const two = "blue"
+const one = "red";
+const two = "blue";
 const $values = {
     "folder" : _folder_folder_css__WEBPACK_IMPORTED_MODULE_0__.$values.folder,
 one,
 two,
 };
-const booga = "mc_booga"
-const looga = booga + " " + "mc_looga"
+const booga = "mc_booga";
+const looga = booga + " " + "mc_looga";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     $values,
 booga,
@@ -729,9 +729,9 @@ const $values = {
 "two" : _local_css__WEBPACK_IMPORTED_MODULE_0__.$values.two,
 "folder" : _local_css__WEBPACK_IMPORTED_MODULE_0__.$values.folder,
 };
-const wooga = _local_css__WEBPACK_IMPORTED_MODULE_0__.booga + " " + "mc_wooga"
-const booga1 = "mc_booga"
-const tooga = "mc_tooga"
+const wooga = _local_css__WEBPACK_IMPORTED_MODULE_0__.booga + " " + "mc_wooga";
+const booga1 = "mc_booga";
+const tooga = "mc_tooga";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     $values,
 wooga,
@@ -873,7 +873,7 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "styles": () => (/* binding */ styles),
 /* harmony export */   "wooga": () => (/* binding */ wooga)
 /* harmony export */ });
-const wooga = "mc_wooga"
+const wooga = "mc_wooga";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     wooga
 });
@@ -985,7 +985,7 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "styles": () => (/* binding */ styles),
 /* harmony export */   "wooga": () => (/* binding */ wooga)
 /* harmony export */ });
-const wooga = "mc_wooga"
+const wooga = "mc_wooga";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     wooga
 });
@@ -1094,12 +1094,12 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "default": () => (__WEBPACK_DEFAULT_EXPORT__),
 /* harmony export */   "styles": () => (/* binding */ styles)
 /* harmony export */ });
-const val = "\\"value\\""
+const val = "\\"value\\"";
 const $values = {
     val,
 };
-const a = "mc_a"
-const b = "mc_b"
+const a = "mc_a";
+const b = "mc_b";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     $values,
 a,
@@ -1211,12 +1211,12 @@ __webpack_require__.r(__webpack_exports__);
 /* harmony export */   "default": () => (__WEBPACK_DEFAULT_EXPORT__),
 /* harmony export */   "styles": () => (/* binding */ styles)
 /* harmony export */ });
-const val = "\\"value\\""
+const val = "\\"value\\"";
 const $values = {
     val,
 };
-const a = "mc_a"
-const b = "mc_b"
+const a = "mc_a";
+const b = "mc_b";
 /* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({
     $values,
 a,