diff --git a/src/lib_scoru_wasm/init_encodings.ml b/src/lib_scoru_wasm/init_encodings.ml
index f8b40b971a24ccf65e471f6371f15dfc9cacbb4e..0850840afb792c61fded1ddbda14285173018a94 100644
--- a/src/lib_scoru_wasm/init_encodings.ml
+++ b/src/lib_scoru_wasm/init_encodings.ml
@@ -61,6 +61,16 @@ let concat_kont_encoding enc_a =
        (scope ["res"] enc_a)
        (value ["offset"] Data_encoding.int32)
 
+let fold_left_kont_encoding enc_a enc_acc =
+  conv
+    (fun (origin, acc, offset) -> {origin; acc; offset})
+    (fun {origin; acc; offset} -> (origin, acc, offset))
+  @@ tup3
+       ~flatten:true
+       (scope ["origin"] enc_a)
+       (scope ["acc"] enc_acc)
+       (value ["offset"] Data_encoding.int32)
+
 let lazy_vec_encoding enc = int32_lazy_vector (value [] Data_encoding.int32) enc
 
 type (_, _) eq = Eq : ('a, 'a) eq
@@ -169,6 +179,18 @@ let init_kont_encoding =
       (value [] Interpreter_encodings.Ast.memory_encoding)
       Wasm_encoding.memory_encoding
   @ [
+      case
+        "IK_Exports"
+        (tup2
+           ~flatten:true
+           (scope ["module"] Wasm_encoding.module_instance_encoding)
+           (scope ["kont"]
+           @@ fold_left_kont_encoding
+                (lazy_vec_encoding
+                   Parser.(no_region_encoding Export.export_encoding))
+                Wasm_encoding.extern_map_encoding))
+        (function IK_Exports (inst, fold) -> Some (inst, fold) | _ -> None)
+        (function inst, fold -> IK_Exports (inst, fold));
       case
         "IK_Remaining"
         Wasm_encoding.module_instance_encoding
diff --git a/src/lib_scoru_wasm/wasm_encoding.ml b/src/lib_scoru_wasm/wasm_encoding.ml
index 348935283176c0596e623e91a4c61c385edae78e..44b1522a65ff2d424bb1e0dfe9ba124ad9b3a6ef 100644
--- a/src/lib_scoru_wasm/wasm_encoding.ml
+++ b/src/lib_scoru_wasm/wasm_encoding.ml
@@ -535,6 +535,8 @@ let value_encoding =
 
 let values_encoding = list_encoding value_encoding
 
+let name_encoding key = lazy_vector_encoding key (value [] Data_encoding.int31)
+
 let memory_encoding =
   conv
     (fun (min, max, chunks) -> Memory.of_chunks (MemoryType {min; max}) chunks)
@@ -620,6 +622,9 @@ let extern_encoding =
         (fun x -> Instance.ExternGlobal x);
     ]
 
+let export_instance_encoding =
+  tup2 ~flatten:false (name_encoding "name") (scope ["extern"] extern_encoding)
+
 let extern_map_encoding = NameMap.lazy_map extern_encoding
 
 let value_ref_vector_vector_encoding =
diff --git a/src/lib_scoru_wasm/wasm_encoding.mli b/src/lib_scoru_wasm/wasm_encoding.mli
index d9d2792e35a010edb33584463973d541698f05bd..4cea6efaae5ecab512c4733ff0c21e560651d0ff 100644
--- a/src/lib_scoru_wasm/wasm_encoding.mli
+++ b/src/lib_scoru_wasm/wasm_encoding.mli
@@ -47,6 +47,8 @@ val table_encoding : Partial_table.table Tree_encoding.t
 
 val global_encoding : Global.global Tree_encoding.t
 
+val export_instance_encoding : Instance.export_inst Tree_encoding.t
+
 val memory_instance_encoding :
   Partial_memory.memory Instance.Vector.t Tree_encoding.t
 
diff --git a/src/lib_webassembly/exec/eval.ml b/src/lib_webassembly/exec/eval.ml
index a7f9e5f159c4e3266fd25be850179c3944036e54..e9b287b72781b59930de66d520eda27caf13a7dc 100644
--- a/src/lib_webassembly/exec/eval.ml
+++ b/src/lib_webassembly/exec/eval.ml
@@ -1092,6 +1092,19 @@ let concat_completed {lv; rv; offset; _} =
   let rv_len = Vector.num_elements rv in
   Int32.add lv_len rv_len <= offset
 
+type ('a, 'b) fold_left_kont = {origin : 'a Vector.t; acc : 'b; offset : int32}
+
+let fold_left_kont origin acc = {origin; acc; offset = 0l}
+
+let fold_left_completed {origin; offset; _} =
+  offset = Vector.num_elements origin
+
+let fold_left_s_step {origin; acc; offset} f =
+  let open Lwt.Syntax in
+  let* x = Vector.get offset origin in
+  let+ acc = f acc x in
+  {origin; acc; offset = Int32.succ offset}
+
 type (_, _) init_section =
   | Func : (func, func_inst) init_section
   | Global : (global, global_inst) init_section
@@ -1126,6 +1139,7 @@ type init_kont =
   | IK_Aggregate_concat :
       module_inst * ('a, 'b) init_section * 'b concat_kont
       -> init_kont
+  | IK_Exports of module_inst * (export, extern NameMap.t) fold_left_kont
   | IK_Remaining of module_inst
   | IK_Stop of module_inst
 
@@ -1136,7 +1150,7 @@ let section_next_init_kont :
   | Func -> IK_Aggregate (inst0, Global, map_kont m.it.globals)
   | Global -> IK_Aggregate (inst0, Table, map_kont m.it.tables)
   | Table -> IK_Aggregate (inst0, Memory, map_kont m.it.memories)
-  | Memory -> IK_Remaining inst0
+  | Memory -> IK_Exports (inst0, fold_left_kont m.it.exports (NameMap.create ()))
 
 let section_step :
     type a b.
@@ -1200,35 +1214,33 @@ let init_step ~module_reg ~self host_funcs (m : module_) (exts : extern list) =
   | IK_Aggregate_concat (inst0, sec, tick) ->
       let+ tick = concat_step tick in
       IK_Aggregate_concat (inst0, sec, tick)
+  | IK_Exports (inst0, tick) when fold_left_completed tick ->
+      let inst0 = {inst0 with exports = tick.acc} in
+      Lwt.return (IK_Remaining inst0)
+  | IK_Exports (inst0, tick) ->
+      let+ tick =
+        fold_left_s_step tick (fun map export ->
+            let* k, v = create_export inst0 export in
+            let+ k = Instance.Vector.to_list k in
+            NameMap.set k v map)
+      in
+      IK_Exports (inst0, tick)
   | IK_Remaining inst2 ->
-      let {exports; elems; datas; start; _} = m.it in
+      let {elems; datas; start; _} = m.it in
 
       (* TODO: https://gitlab.com/tezos/tezos/-/issues/3076
          These transformations should be refactored and abadoned during the
          tickification, to avoid the roundtrip vector -> list -> vector. *)
       let* elems = Vector.to_list elems in
       let* datas = Vector.to_list datas in
-      let* exports = Vector.to_list exports in
 
-      let* new_exports = TzStdLib.List.map_s (create_export inst2) exports in
       let* new_elems =
         TzStdLib.List.map_s (create_elem module_reg self) elems
       in
       let new_datas = List.map create_data datas in
-      let* exports =
-        (* TODO: https://gitlab.com/tezos/tezos/-/issues/3076
-           [new_exports]/[exports] should be lazy structures. *)
-        TzStdLib.List.fold_left_s
-          (fun exports (k, v) ->
-            let+ k = Instance.Vector.to_list k in
-            NameMap.set k v exports)
-          (NameMap.create ~produce_value:(fun _ -> Lwt.fail Not_found) ())
-          new_exports
-      in
       let inst =
         {
           inst2 with
-          exports;
           elems =
             (* TODO: https://gitlab.com/tezos/tezos/-/issues/3076
                [new_elems]/[elems] should be lazy structures. *)
diff --git a/src/lib_webassembly/exec/eval.mli b/src/lib_webassembly/exec/eval.mli
index 989ec1467079aa488475dbe3381b0a0d74875307..83b68075f7a354e35b180a2e64de03e5a3d3b491 100644
--- a/src/lib_webassembly/exec/eval.mli
+++ b/src/lib_webassembly/exec/eval.mli
@@ -29,6 +29,8 @@ type 'a concat_kont = {
   offset : int32;
 }
 
+type ('a, 'b) fold_left_kont = {origin : 'a Vector.t; acc : 'b; offset : int32}
+
 type (_, _) init_section =
   | Func : (Ast.func, func_inst) init_section
   | Global : (Ast.global, global_inst) init_section
@@ -45,6 +47,7 @@ type init_kont =
   | IK_Aggregate_concat :
       module_inst * ('a, 'b) init_section * 'b concat_kont
       -> init_kont
+  | IK_Exports of module_inst * (Ast.export, extern NameMap.t) fold_left_kont
   | IK_Remaining of module_inst
   | IK_Stop of module_inst
       (** Witness that there is no more tick to execute to complete