diff --git a/CHANGELOG.md b/CHANGELOG.md
index 01ab3f081..bbfaa0fb9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,7 @@ This change log adheres to standards from [Keep a CHANGELOG](https://keepachange
 ### Fixed
 - [`no-duplicates`]: remove duplicate identifiers in duplicate imports ([#2577], thanks [@joe-matsec])
 - [`consistent-type-specifier-style`]: fix accidental removal of comma in certain cases ([#2754], thanks [@bradzacher])
+- [Perf] `ExportMap`: Improve `ExportMap.for` performance on larger codebases ([#2756], thanks [@leipert])
 
 ### Changed
 - [Docs] [`no-duplicates`]: fix example schema ([#2684], thanks [@simmo])
@@ -1066,6 +1067,7 @@ for info on changes for earlier releases.
 
 [`memo-parser`]: ./memo-parser/README.md
 
+[#2756]: https://github.com/import-js/eslint-plugin-import/pull/2756
 [#2754]: https://github.com/import-js/eslint-plugin-import/pull/2754
 [#2748]: https://github.com/import-js/eslint-plugin-import/pull/2748
 [#2699]: https://github.com/import-js/eslint-plugin-import/pull/2699
@@ -1737,6 +1739,7 @@ for info on changes for earlier releases.
 [@kylemh]: https://github.com/kylemh
 [@laysent]: https://github.com/laysent
 [@le0nik]: https://github.com/le0nik
+[@leipert]: https://github.com/leipert
 [@lemonmade]: https://github.com/lemonmade
 [@lencioni]: https://github.com/lencioni
 [@leonardodino]: https://github.com/leonardodino
diff --git a/src/ExportMap.js b/src/ExportMap.js
index 7b8c88314..d31375c83 100644
--- a/src/ExportMap.js
+++ b/src/ExportMap.js
@@ -305,7 +305,7 @@ ExportMap.get = function (source, context) {
 ExportMap.for = function (context) {
   const { path } = context;
 
-  const cacheKey = hashObject(context).digest('hex');
+  const cacheKey = context.cacheKey || hashObject(context).digest('hex');
   let exportMap = exportCache.get(cacheKey);
 
   // return cached ignore
@@ -559,7 +559,7 @@ ExportMap.parse = function (path, content, context) {
       if (tsConfigInfo.tsConfigPath !== undefined) {
         // Projects not using TypeScript won't have `typescript` installed.
         if (!ts) { ts = require('typescript'); } // eslint-disable-line import/no-extraneous-dependencies
-  
+
         const configFile = ts.readConfigFile(tsConfigInfo.tsConfigPath, ts.sys.readFile);
         return ts.parseJsonConfigFileContent(
           configFile.config,
@@ -781,12 +781,29 @@ export function recursivePatternCapture(pattern, callback) {
   }
 }
 
+let parserOptionsHash = '';
+let prevParserOptions = '';
+let settingsHash = '';
+let prevSettings = '';
 /**
  * don't hold full context object in memory, just grab what we need.
+ * also calculate a cacheKey, where parts of the cacheKey hash are memoized
  */
 function childContext(path, context) {
   const { settings, parserOptions, parserPath } = context;
+
+  if (JSON.stringify(settings) !== prevSettings) {
+    settingsHash = hashObject({ settings }).digest('hex');
+    prevSettings = JSON.stringify(settings);
+  }
+
+  if (JSON.stringify(parserOptions) !== prevParserOptions) {
+    parserOptionsHash = hashObject({ parserOptions }).digest('hex');
+    prevParserOptions = JSON.stringify(parserOptions);
+  }
+
   return {
+    cacheKey: String(parserPath) + parserOptionsHash + settingsHash + String(path),
     settings,
     parserOptions,
     parserPath,