diff --git a/.changeset/sharp-gorillas-impress.md b/.changeset/sharp-gorillas-impress.md
new file mode 100644
index 000000000000..37c74aafa649
--- /dev/null
+++ b/.changeset/sharp-gorillas-impress.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: only treat instance context exports as accessors
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index 7a769a225628..1a3bd900204d 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -680,7 +680,7 @@ const runes_scope_tweaker = {
 		});
 	},
 	ExportNamedDeclaration(node, { next, state }) {
-		if (!node.declaration) {
+		if (!node.declaration || state.ast_type !== 'instance') {
 			return next();
 		}
 
diff --git a/packages/svelte/tests/runtime-runes/samples/module-context-export/_config.js b/packages/svelte/tests/runtime-runes/samples/module-context-export/_config.js
new file mode 100644
index 000000000000..c594a1480925
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/module-context-export/_config.js
@@ -0,0 +1,9 @@
+import { test } from '../../test';
+
+export default test({
+	html: `<p>42</p>`,
+
+	async test({ assert, target, window, component }) {
+		assert.equal(component.answer, undefined);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/module-context-export/main.svelte b/packages/svelte/tests/runtime-runes/samples/module-context-export/main.svelte
new file mode 100644
index 000000000000..e3109ef1f12d
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/module-context-export/main.svelte
@@ -0,0 +1,7 @@
+<svelte:options runes />
+
+<script context="module">
+	export const answer = 42;
+</script>
+
+<p>{answer}</p>