Unidirectional transport of mRNA from the nucleus to the cytoplasm via nuclear pore complexes is an essential step in the gene expression of all eukaryotes. Although factors involved in mRNA transport have been characterized, a comprehensive mechanistic understanding of this critical process and its regulation is lacking. Here, we use real-time single RNA imaging to demonstrate that acute depletion of the budding yeast DEAD-box ATPase Dbp5 causes rapid nuclear accumulation of mRNAs in vivo and dramatic changes in nuclear dynamics of RNA export factors. In particular, the essential export factor Nab2 ceases to shuttle between the nucleus and cytoplasm and forms an RNA-dependent condensate throughout the nucleus. Phase-separation can be recapitulated in vitro, with Nab2 forming RNA-dependent liquid droplets, which depend on the presence of Dbp5. Intriguingly, in glucose stress, condensation of Nab2 blocks bulk mRNA export while selectively allowing the passage of stress-induced mRNAs from the nucleus to the cytoplasm to elicit a timely cellular stress response. This is accompanied by a lowered abundance of the DEAD-box ATPase Dbp5 at the cytoplasmic sites of nuclear pore complexes, which leads to the formation of the Nab2 condensates. Our results suggest that cells use selective mRNA retention in nuclear Nab2 condensates to re-wire mRNA export and to regulate gene expression during stress.