diff --git a/Include/exports.h b/Include/exports.h
index 62feb09ed2b433..73f0a1fca8102e 100644
--- a/Include/exports.h
+++ b/Include/exports.h
@@ -26,7 +26,7 @@
 #endif
 
 #if defined(_WIN32) || defined(__CYGWIN__)
-    #if defined(Py_ENABLE_SHARED)
+    #if !defined(Py_BUILD_CORE) || defined(Py_ENABLE_SHARED)
         #define Py_IMPORTED_SYMBOL __declspec(dllimport)
         #define Py_EXPORTED_SYMBOL __declspec(dllexport)
         #define Py_LOCAL_SYMBOL
diff --git a/Misc/NEWS.d/next/C_API/2025-11-17-17-46-16.gh-issue-141671.cVXNW5.rst b/Misc/NEWS.d/next/C_API/2025-11-17-17-46-16.gh-issue-141671.cVXNW5.rst
new file mode 100644
index 00000000000000..5dd6913522ecc3
--- /dev/null
+++ b/Misc/NEWS.d/next/C_API/2025-11-17-17-46-16.gh-issue-141671.cVXNW5.rst
@@ -0,0 +1,2 @@
+:c:macro:`PyMODINIT_FUNC` (and the new :c:macro:`!PyMODEXPORT_FUNC`) now adds
+a linkage declaration (``__declspec(dllexport)``) on Windows.