diff --git a/CHANGELOG.md b/CHANGELOG.md
index 10e23686ea..359ab910f5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,7 @@
 
 ## Unreleased
 
+* Fix binding to module-level variables ([#4086](https://github.com/sveltejs/svelte/issues/4086))
 * Disallow attribute/prop names from matching two-way-bound names or `{shorthand}` attribute/prop names ([#4325](https://github.com/sveltejs/svelte/issues/4325))
 
 ## 3.18.1
diff --git a/src/compiler/compile/render_dom/Renderer.ts b/src/compiler/compile/render_dom/Renderer.ts
index 046a90b684..8fa36a9120 100644
--- a/src/compiler/compile/render_dom/Renderer.ts
+++ b/src/compiler/compile/render_dom/Renderer.ts
@@ -161,11 +161,14 @@ export default class Renderer {
 		}
 
 		if (
-			variable &&
-			!variable.referenced &&
-			!variable.is_reactive_dependency &&
-			!variable.export_name &&
-			!name.startsWith('$$')
+			variable && (
+				variable.module || (
+					!variable.referenced &&
+					!variable.is_reactive_dependency &&
+					!variable.export_name &&
+					!name.startsWith('$$')
+				)
+			)
 		) {
 			return value || name;
 		}
diff --git a/test/runtime/samples/module-context-bind/_config.js b/test/runtime/samples/module-context-bind/_config.js
new file mode 100644
index 0000000000..32bc9c4ce9
--- /dev/null
+++ b/test/runtime/samples/module-context-bind/_config.js
@@ -0,0 +1,4 @@
+export default {
+	skip_if_ssr: true,
+	html: '<div>object</div>'
+};
diff --git a/test/runtime/samples/module-context-bind/main.svelte b/test/runtime/samples/module-context-bind/main.svelte
new file mode 100644
index 0000000000..1580102bd8
--- /dev/null
+++ b/test/runtime/samples/module-context-bind/main.svelte
@@ -0,0 +1,11 @@
+<script context='module'>
+	let foo;
+</script>
+
+<script>
+	import { onMount } from 'svelte';
+	let bar;
+	onMount(() => bar = foo);
+</script>
+
+<div bind:this={foo}>{typeof bar}</div>