diff --git a/packaging/win32/install.sh b/packaging/win32/install.sh
index 53b800ad4a..b418b62f2d 100644
--- a/packaging/win32/install.sh
+++ b/packaging/win32/install.sh
@@ -397,8 +397,8 @@ EOF
         if [ x"$(which pexports.exe > /dev/null 2>&1)" != x ]
         then
             pexports $_GUILE_UDIR/bin/libguile.dll > $_GUILE_UDIR/lib/libguile.def
+            ${DLLTOOL} -d $_GUILE_UDIR/lib/libguile.def -D $_GUILE_UDIR/bin/libguile.dll -l $_GUILE_UDIR/lib/libguile.lib
         fi
-        ${DLLTOOL} -d $_GUILE_UDIR/lib/libguile.def -D $_GUILE_UDIR/bin/libguile.dll -l $_GUILE_UDIR/lib/libguile.lib
         # Also, for MSVC compiler we need to slightly modify the gc.h header
         GC_H=$_GUILE_UDIR/include/libguile/gc.h
         grep -v 'extern .*_freelist2;' ${GC_H} > ${GC_H}.tmp