diff --git a/src/analyze.ts b/src/analyze.ts
index edf2b536..1b63ebd6 100644
--- a/src/analyze.ts
+++ b/src/analyze.ts
@@ -1169,9 +1169,33 @@ export default async function analyze(
       return;
     }
     if (wildcardIndex !== -1 && stats.isFile()) return;
+    // do not emit assets outside the package boundary if inside node_modules
+    if (pkgBase) {
+      const nodeModulesBase =
+        id.substring(0, id.indexOf(path.sep + 'node_modules')) +
+        path.sep +
+        'node_modules' +
+        path.sep;
+      if (!assetPath.startsWith(nodeModulesBase)) {
+        if (job.log)
+          console.log(
+            'Skipping asset emission of ' +
+              assetPath +
+              ' for ' +
+              id +
+              ' as it is outside the package base ' +
+              pkgBase,
+          );
+        return;
+      }
+    }
     if (stats.isFile()) {
+      // do not emit file assets outside job.base
+      if (job.ignoreFn(path.relative(job.base, assetPath))) return;
       assets.add(assetPath);
     } else if (stats.isDirectory()) {
+      // do not emit directory assets outside job.base
+      if (job.ignoreFn(path.relative(job.base, assetPath))) return;
       if (validWildcard(assetPath)) emitAssetDirectory(assetPath);
     }
   }
diff --git a/src/utils/ast-helpers.ts b/src/utils/ast-helpers.ts
index 895e8224..f28417a2 100644
--- a/src/utils/ast-helpers.ts
+++ b/src/utils/ast-helpers.ts
@@ -22,7 +22,7 @@ export function isIdentifierRead(node: Node, parent: Node) {
       return parent.id !== node;
     // disregard the `bar` in `export { foo as bar }`
     case 'ExportSpecifier':
-      return false;
+      return node.name === parent.exported.name;
     // disregard the `bar` in `function (bar) {}`
     case 'FunctionExpression':
     case 'FunctionDeclaration':
diff --git a/test/unit/pkg-dir-outside-base/.gitignore b/test/unit/pkg-dir-outside-base/.gitignore
new file mode 100644
index 00000000..34a75639
--- /dev/null
+++ b/test/unit/pkg-dir-outside-base/.gitignore
@@ -0,0 +1 @@
+!node_modules 
diff --git a/test/unit/pkg-dir-outside-base/input.js b/test/unit/pkg-dir-outside-base/input.js
new file mode 100644
index 00000000..878bb5e0
--- /dev/null
+++ b/test/unit/pkg-dir-outside-base/input.js
@@ -0,0 +1 @@
+require('some-pkg');
diff --git a/test/unit/pkg-dir-outside-base/node_modules/some-pkg/index.js b/test/unit/pkg-dir-outside-base/node_modules/some-pkg/index.js
new file mode 100644
index 00000000..a1fea6bb
--- /dev/null
+++ b/test/unit/pkg-dir-outside-base/node_modules/some-pkg/index.js
@@ -0,0 +1,3 @@
+const s = '/../../secret-dir';
+
+export { s };
diff --git a/test/unit/pkg-dir-outside-base/node_modules/some-pkg/package.json b/test/unit/pkg-dir-outside-base/node_modules/some-pkg/package.json
new file mode 100644
index 00000000..d234a264
--- /dev/null
+++ b/test/unit/pkg-dir-outside-base/node_modules/some-pkg/package.json
@@ -0,0 +1,5 @@
+{
+  "name": "some-pkg",
+  "version": "1.0.0",
+  "main": "index.js"
+}
diff --git a/test/unit/pkg-dir-outside-base/output.js b/test/unit/pkg-dir-outside-base/output.js
new file mode 100644
index 00000000..460f1dbe
--- /dev/null
+++ b/test/unit/pkg-dir-outside-base/output.js
@@ -0,0 +1,6 @@
+[
+  "package.json",
+  "test/unit/pkg-dir-outside-base/input.js",
+  "test/unit/pkg-dir-outside-base/node_modules/some-pkg/index.js",
+  "test/unit/pkg-dir-outside-base/node_modules/some-pkg/package.json"
+]
diff --git a/test/unit/pkg-dir-outside-base/secret-dir/secret.txt b/test/unit/pkg-dir-outside-base/secret-dir/secret.txt
new file mode 100644
index 00000000..d97c5ead
--- /dev/null
+++ b/test/unit/pkg-dir-outside-base/secret-dir/secret.txt
@@ -0,0 +1 @@
+secret
diff --git a/test/unit/pkg-file-outside-base/.gitignore b/test/unit/pkg-file-outside-base/.gitignore
new file mode 100644
index 00000000..34a75639
--- /dev/null
+++ b/test/unit/pkg-file-outside-base/.gitignore
@@ -0,0 +1 @@
+!node_modules 
diff --git a/test/unit/pkg-file-outside-base/input.js b/test/unit/pkg-file-outside-base/input.js
new file mode 100644
index 00000000..878bb5e0
--- /dev/null
+++ b/test/unit/pkg-file-outside-base/input.js
@@ -0,0 +1 @@
+require('some-pkg');
diff --git a/test/unit/pkg-file-outside-base/node_modules/some-pkg/index.js b/test/unit/pkg-file-outside-base/node_modules/some-pkg/index.js
new file mode 100644
index 00000000..2cb4abc8
--- /dev/null
+++ b/test/unit/pkg-file-outside-base/node_modules/some-pkg/index.js
@@ -0,0 +1,3 @@
+const s = '/../../secret.txt';
+
+export { s };
diff --git a/test/unit/pkg-file-outside-base/node_modules/some-pkg/package.json b/test/unit/pkg-file-outside-base/node_modules/some-pkg/package.json
new file mode 100644
index 00000000..d234a264
--- /dev/null
+++ b/test/unit/pkg-file-outside-base/node_modules/some-pkg/package.json
@@ -0,0 +1,5 @@
+{
+  "name": "some-pkg",
+  "version": "1.0.0",
+  "main": "index.js"
+}
diff --git a/test/unit/pkg-file-outside-base/output.js b/test/unit/pkg-file-outside-base/output.js
new file mode 100644
index 00000000..f89e6308
--- /dev/null
+++ b/test/unit/pkg-file-outside-base/output.js
@@ -0,0 +1,6 @@
+[
+  "package.json",
+  "test/unit/pkg-file-outside-base/input.js",
+  "test/unit/pkg-file-outside-base/node_modules/some-pkg/index.js",
+  "test/unit/pkg-file-outside-base/node_modules/some-pkg/package.json"
+]
diff --git a/test/unit/pkg-file-outside-base/secret.txt b/test/unit/pkg-file-outside-base/secret.txt
new file mode 100644
index 00000000..4e7e76d9
--- /dev/null
+++ b/test/unit/pkg-file-outside-base/secret.txt
@@ -0,0 +1 @@
+secret content