diff --git a/CHANGELOG.md b/CHANGELOG.md
index ac13e176201..9bce0637a95 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -124,6 +124,9 @@
 - Missing `__typename` fields no longer cause the `InMemoryCache#diff` result to be marked `complete: false`, if those fields were added by `InMemoryCache#transformDocument` (which calls `addTypenameToDocument`). <br/>
   [@benjamn](https://github.com/benjamn) in [#5787](https://github.com/apollographql/apollo-client/pull/5787)
 
+- Fixed an issue that allowed `@client @export` based queries to lead to extra unnecessary network requests being fired.  <br/>
+  [@hwillson](https://github.com/hwillson) in [#5946](https://github.com/apollographql/apollo-client/pull/5946)
+
 ## Apollo Client 2.6.8
 
 ### Apollo Client (2.6.8)
diff --git a/package.json b/package.json
index 591e8db8d59..e8d37fa692b 100644
--- a/package.json
+++ b/package.json
@@ -48,7 +48,7 @@
     {
       "name": "apollo-client",
       "path": "./dist/apollo-client.cjs.min.js",
-      "maxSize": "24.1 kB"
+      "maxSize": "24.2 kB"
     }
   ],
   "peerDependencies": {
diff --git a/src/__tests__/local-state/export.ts b/src/__tests__/local-state/export.ts
index a9551dcbfa8..a771e8d424d 100644
--- a/src/__tests__/local-state/export.ts
+++ b/src/__tests__/local-state/export.ts
@@ -825,4 +825,83 @@ describe('@client @export tests', () => {
       });
     }
   );
+
+  it(
+    'should NOT attempt to refetch over the network if an @export variable ' +
+    'has changed, the current fetch policy is cache-first, and the remote ' +
+    'part of the query (that leverages the @export variable) can be fully ' +
+    'found in the cache.',
+    done => {
+      const query = gql`
+        query currentAuthorPostCount($authorId: Int!) {
+          currentAuthorId @client @export(as: "authorId")
+          postCount(authorId: $authorId)
+        }
+      `;
+
+      const testAuthorId1 = 1;
+      const testPostCount1 = 100;
+
+      const testAuthorId2 = 2;
+      const testPostCount2 = 200;
+
+      let fetchCount = 0;
+      const link = new ApolloLink(() => {
+        fetchCount += 1;
+        return Observable.of({
+          data: {
+            postCount: testPostCount1
+          },
+        });
+      });
+
+      const cache = new InMemoryCache();
+      const client = new ApolloClient({
+        cache,
+        link,
+        resolvers: {},
+      });
+
+      client.writeQuery({
+        query: gql`{ currentAuthorId }`,
+        data: { currentAuthorId: testAuthorId1 }
+      });
+
+      let resultCount = 0;
+      const obs = client.watchQuery({ query, fetchPolicy: 'cache-first' });
+      obs.subscribe({
+        next(result) {
+          if (resultCount === 0) {
+            // The initial result is fetched over the network.
+            expect(fetchCount).toBe(1);
+            expect(result.data).toMatchObject({
+              currentAuthorId: testAuthorId1,
+              postCount: testPostCount1,
+            });
+
+            client.writeQuery({
+              query,
+              variables: { authorId: testAuthorId2 },
+              data: { postCount: testPostCount2 }
+            });
+            client.writeQuery({
+              query: gql`{ currentAuthorId }`,
+              data: { currentAuthorId: testAuthorId2 }
+            });
+          } else if (resultCount === 1) {
+            // The updated result should not have been fetched over the
+            // network, as it can be found in the cache.
+            expect(fetchCount).toBe(1);
+            expect(result.data).toMatchObject({
+              currentAuthorId: testAuthorId2,
+              postCount: testPostCount2,
+            });
+            done();
+          }
+
+          resultCount += 1;
+        },
+      });
+    }
+  );
 });
diff --git a/src/core/ObservableQuery.ts b/src/core/ObservableQuery.ts
index 51e39d5388a..00a1e82069c 100644
--- a/src/core/ObservableQuery.ts
+++ b/src/core/ObservableQuery.ts
@@ -590,34 +590,43 @@ export class ObservableQuery<
       iterateObserversSafely(this.observers, 'error', this.lastError = error);
     };
 
+    const {
+      hasClientExports,
+      serverQuery
+    } = queryManager.transform(this.options.query);
+
     queryManager.observeQuery<TData>(queryId, this.options, {
       next: (result: ApolloQueryResult<TData>) => {
         if (this.lastError || this.isDifferentFromLastResult(result)) {
           const previousResult = this.updateLastResult(result);
+
           const { query, variables, fetchPolicy } = this.options;
 
           // Before calling `next` on each observer, we need to first see if
           // the query is using `@client @export` directives, and update
           // any variables that might have changed. If `@export` variables have
-          // changed, and the query is calling against both local and remote
-          // data, a refetch is needed to pull in new data, using the
-          // updated `@export` variables.
-          if (queryManager.transform(query).hasClientExports) {
+          // changed, and the query is requesting both local and remote
+          // data, `setVariables` is used as a network refetch might be
+          // needed to pull in new data, using the updated `@export` variables.
+          if (hasClientExports) {
             queryManager.getLocalState().addExportedVariables(
               query,
               variables,
             ).then((variables: TVariables) => {
               const previousVariables = this.variables;
-              this.variables = this.options.variables = variables;
               if (
                 !result.loading &&
                 previousResult &&
                 fetchPolicy !== 'cache-only' &&
-                queryManager.transform(query).serverQuery &&
+                serverQuery &&
                 !equal(previousVariables, variables)
               ) {
-                this.refetch();
+                this.setVariables(variables).then(updatedResult => {
+                  this.variables = this.options.variables = variables;
+                  iterateObserversSafely(this.observers, 'next', updatedResult)
+                });
               } else {
+                this.variables = this.options.variables = variables;
                 iterateObserversSafely(this.observers, 'next', result);
               }
             });