diff --git a/lld/wasm/Driver.cpp b/lld/wasm/Driver.cpp
--- a/lld/wasm/Driver.cpp
+++ b/lld/wasm/Driver.cpp
@@ -313,8 +313,6 @@
   config->emitRelocs = args.hasArg(OPT_emit_relocs);
   config->entry = getEntry(args);
   config->exportAll = args.hasArg(OPT_export_all);
-  config->exportDynamic = args.hasFlag(OPT_export_dynamic,
-      OPT_no_export_dynamic, false);
   config->exportTable = args.hasArg(OPT_export_table);
   errorHandler().fatalWarnings =
       args.hasFlag(OPT_fatal_warnings, OPT_no_fatal_warnings, false);
@@ -358,6 +356,11 @@
   config->zStackSize =
       args::getZOptionValue(args, OPT_z, "stack-size", WasmPageSize);
 
+  // exportDynamic default to true when building with `-shared`
+  bool exportDynamicDefault = config->shared;
+  config->exportDynamic = args.hasFlag(
+      OPT_export_dynamic, OPT_no_export_dynamic, exportDynamicDefault);
+
   if (auto *arg = args.getLastArg(OPT_features)) {
     config->features =
         llvm::Optional<std::vector<std::string>>(std::vector<std::string>());
@@ -381,7 +384,6 @@
 
   if (config->shared) {
     config->importMemory = true;
-    config->exportDynamic = true;
     config->allowUndefined = true;
   }
 }