diff --git a/.changeset/few-zoos-own.md b/.changeset/few-zoos-own.md
new file mode 100644
index 0000000000..ae1b77f9ce
--- /dev/null
+++ b/.changeset/few-zoos-own.md
@@ -0,0 +1,5 @@
+---
+"svelte": patch
+---
+
+fix: omit `state_referenced_locally` warning for component exports
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index 618864d4e4..77bfc8976e 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -1244,6 +1244,12 @@ const common_visitors = {
 				context.state.expression.metadata.dynamic = true;
 			}
 
+			// TODO it would be better to just bail out when we hit the ExportSpecifier node but that's
+			// not currently possibly because of our visitor merging, which I desperately want to nuke
+			const is_export_specifier =
+				/** @type {import('#compiler').SvelteNode} */ (context.path.at(-1)).type ===
+				'ExportSpecifier';
+
 			if (
 				context.state.analysis.runes &&
 				node !== binding.node &&
@@ -1258,6 +1264,7 @@ const common_visitors = {
 							!should_proxy_or_freeze(binding.initial.arguments[0], context.state.scope)))) ||
 					binding.kind === 'frozen_state' ||
 					binding.kind === 'derived') &&
+				!is_export_specifier &&
 				// We're only concerned with reads here
 				(parent.type !== 'AssignmentExpression' || parent.left !== node) &&
 				parent.type !== 'UpdateExpression'
diff --git a/packages/svelte/tests/validator/samples/static-state-reference/input.svelte b/packages/svelte/tests/validator/samples/static-state-reference/input.svelte
index 39482f0c2a..cd0c7b7349 100644
--- a/packages/svelte/tests/validator/samples/static-state-reference/input.svelte
+++ b/packages/svelte/tests/validator/samples/static-state-reference/input.svelte
@@ -6,15 +6,20 @@
 	console.log(obj);
 	console.log(count);
 	console.log(doubled);
-	// these are ok because they're writes
+
+	// writes are okay
 	count++;
 	count = 1;
 	obj.a++;
 	obj.a = 1;
-	// @ts-ignore
-	let typed: {count: number} | null = null;
+
+	// `count` here is correctly identified as a non-reference
+	let typed: { count: number } | null = null;
+
+	// exports are okay as this is turned into a live reference
+	export { count };
 </script>
 
-<button onclick={() => count += 1}>
+<button onclick={() => (count += 1)}>
 	clicks: {count}
 </button>