diff --git a/packages/commonjs/src/index.js b/packages/commonjs/src/index.js
index 19d2b203b..2e2c8a3ff 100644
--- a/packages/commonjs/src/index.js
+++ b/packages/commonjs/src/index.js
@@ -80,11 +80,14 @@ export default function commonjs(options = {}) {
       return null;
     }
 
+    const moduleInfo = this.getModuleInfo(id);
+
     const transformed = transformCommonjs(
       this.parse,
       code,
       id,
-      this.getModuleInfo(id).isEntry,
+      moduleInfo.isEntry,
+      moduleInfo.importers && moduleInfo.importers.length > 0,
       isEsModule,
       ignoreGlobal || isEsModule,
       ignoreRequire,
@@ -218,7 +221,11 @@ export default function commonjs(options = {}) {
             return `import { __moduleExports } from ${JSON.stringify(
               actualId
             )}; export default __moduleExports;`;
-          else if (esModulesWithoutDefaultExport.has(actualId))
+          /* return `export { default } from ${JSON.stringify(
+              actualId
+            )};`;*/ else if (
+            esModulesWithoutDefaultExport.has(actualId)
+          )
             return `import * as ${name} from ${JSON.stringify(actualId)}; export default ${name};`;
           else if (esModulesWithDefaultExport.has(actualId)) {
             return `export {default} from ${JSON.stringify(actualId)};`;
diff --git a/packages/commonjs/src/transform.js b/packages/commonjs/src/transform.js
index 9118f7964..043359cdc 100644
--- a/packages/commonjs/src/transform.js
+++ b/packages/commonjs/src/transform.js
@@ -106,6 +106,7 @@ export function transformCommonjs(
   code,
   id,
   isEntry,
+  hasImporters,
   isEsModule,
   ignoreGlobal,
   ignoreRequire,
@@ -569,7 +570,7 @@ export function transformCommonjs(
   let wrapperEnd = '';
 
   const moduleName = deconflict(scope, globals, getName(id));
-  if (!isEntry && !isEsModule) {
+  if ((!isEntry || hasImporters) && !isEsModule) {
     const exportModuleExports = {
       str: `export { ${moduleName} as __moduleExports };`,
       name: '__moduleExports'
@@ -656,7 +657,7 @@ export function transformCommonjs(
       }
     }
 
-    if (!hasDefaultExport && (names.length || (!isEntry && !isEsModule))) {
+    if (!hasDefaultExport && (names.length || ((!isEntry || hasImporters) && !isEsModule))) {
       wrapperEnd = `\n\nvar ${moduleName} = {\n${names
         .map(({ name, deconflicted }) => `\t${name}: ${deconflicted}`)
         .join(',\n')}\n};`;
@@ -686,7 +687,8 @@ export function transformCommonjs(
     .trim()
     .append(wrapperEnd);
 
-  const injectExportBlock = hasDefaultExport || named.length > 0 || shouldWrap || !isEntry;
+  const injectExportBlock =
+    hasDefaultExport || named.length > 0 || shouldWrap || !isEntry || hasImporters;
   if (injectExportBlock) {
     magicString.append(exportBlock);
   }
diff --git a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/_config.js b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/_config.js
new file mode 100644
index 000000000..54e5ab230
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/_config.js
@@ -0,0 +1,9 @@
+module.exports = {
+  multi: {
+    output1: 'input1.js',
+    output2: 'input2.js'
+  },
+  importers: {
+    output2: ['input1.js']
+  }
+};
diff --git a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/input1.js b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/input1.js
new file mode 100644
index 000000000..7aff633ef
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/input1.js
@@ -0,0 +1,4 @@
+const t2 = require('./input2.js');
+
+console.log(t2);
+module.exports = 1;
diff --git a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/input2.js b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/input2.js
new file mode 100644
index 000000000..39d4e85af
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/input2.js
@@ -0,0 +1,3 @@
+module.exports = {
+  a: 2
+};
diff --git a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js
new file mode 100644
index 000000000..fd1e0719e
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js
@@ -0,0 +1,8 @@
+import './input2.js';
+import t2 from '_./input2.js?commonjs-proxy';
+
+console.log(t2);
+var input1 = 1;
+
+export default input1;
+export { input1 as __moduleExports };
diff --git a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output2.js b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output2.js
new file mode 100644
index 000000000..7813ceb5f
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output2.js
@@ -0,0 +1,8 @@
+var input2 = {
+  a: 2
+};
+
+export default input2;
+export { input2 as __moduleExports };
+var input2_1 = input2.a;
+export { input2_1 as a };
diff --git a/packages/commonjs/test/form.js b/packages/commonjs/test/form.js
index 0ecf6e33d..c0cba3061 100644
--- a/packages/commonjs/test/form.js
+++ b/packages/commonjs/test/form.js
@@ -27,35 +27,52 @@ readdirSync('./fixtures/form').forEach((dir) => {
     config = {};
   }
 
+  const { transform } = commonjs(config.options);
+
+  const inputEntries = [];
+
+  if (typeof config.multi === 'object') {
+    for (const [key, entry] of Object.entries(config.multi)) {
+      inputEntries.push([key, `fixtures/form/${dir}/${entry}`]);
+    }
+  } else {
+    inputEntries.push(['output', `fixtures/form/${dir}/input.js`]);
+  }
+
   (config.solo ? test.only : test)(dir, async (t) => {
-    const { transform } = commonjs(config.options);
-    const id = `./fixtures/form/${dir}/input.js`;
+    for (const [outputName, id] of inputEntries) {
+      const { transform } = commonjs(config.options);
 
-    transformContext.getModuleInfo = (moduleId) => {
-      return {
-        isEntry: config.entry && moduleId === id
+      transformContext.getModuleInfo = (moduleId) => {
+        return {
+          isEntry: config.entry && moduleId === id,
+          importers:
+            config.importers && config.importers[outputName]
+              ? config.importers[outputName].map((x) => `fixtures/form/${dir}/${x}`)
+              : []
+        };
       };
-    };
-    transformContext.error = (base, props) => {
-      let error = base;
-      if (!(base instanceof Error)) error = Object.assign(new Error(base.message), base);
-      if (props) Object.assign(error, props);
-      throw error;
-    };
-
-    const input = readFileSync(id, 'utf-8');
-
-    let outputFile = `fixtures/form/${dir}/output`;
-    if (existsSync(`${outputFile}.${process.platform}.js`)) {
-      outputFile += `.${process.platform}.js`;
-    } else {
-      outputFile += '.js';
-    }
+      transformContext.error = (base, props) => {
+        let error = base;
+        if (!(base instanceof Error)) error = Object.assign(new Error(base.message), base);
+        if (props) Object.assign(error, props);
+        throw error;
+      };
+
+      const input = readFileSync(id, 'utf-8');
 
-    const expected = readFileSync(outputFile, 'utf-8').trim();
-    const transformed = transform.call(transformContext, input, id);
-    const actual = (transformed ? transformed.code : input).trim().replace(/\0/g, '_');
+      let outputFile = `fixtures/form/${dir}/${outputName}`;
+      if (existsSync(`${outputFile}.${process.platform}.js`)) {
+        outputFile += `.${process.platform}.js`;
+      } else {
+        outputFile += '.js';
+      }
 
-    t.is(actual, expected);
+      const expected = readFileSync(outputFile, 'utf-8').trim();
+      const transformed = transform.call(transformContext, input, id);
+      const actual = (transformed ? transformed.code : input).trim().replace(/\0/g, '_');
+
+      t.is(actual, expected);
+    }
   });
 });
diff --git a/packages/commonjs/test/snapshots/function.js.snap b/packages/commonjs/test/snapshots/function.js.snap
index c1fd38dee..b7607343d 100644
Binary files a/packages/commonjs/test/snapshots/function.js.snap and b/packages/commonjs/test/snapshots/function.js.snap differ