swc-node issue importing files outside of root directory

Describe the bug

swc-node throws a SyntaxError and crashes when importing files from outside the directory, even if included in the tsconfig files property.

This works with both tsc and ts-node.

I did look for any swc configuration options that might affect this, but didn't find anything that seemed relevant or that helped, but it's possible I'm just missing something in the config here.

See this repo for a basic example: https://github.com/kg-jcaron/swc-issue-repro

Thanks!

Input code

No response

Config

No response

Playground link

No response

Expected behavior

I expect swc-node to match the behaviour of tsc and ts-node and run without errors.

Actual behavior

Throws a SyntaxError and crashes:

export const someImportedValue = "hello world";
^^^^^^

SyntaxError: Unexpected token 'export'
    at Object.compileFunction (node:vm:360:18)
    at wrapSafe (node:internal/modules/cjs/loader:1094:15)
    at Module._compile (node:internal/modules/cjs/loader:1129:27)
    at Module._extensions..js (node:internal/modules/cjs/loader:1219:10)
    at Object.newLoader [as .ts] (/Users/xxxx/Documents/repos/swc-node-issue/node_modules/pirates/lib/index.js:141:7)
    at Module.load (node:internal/modules/cjs/loader:1043:32)
    at Function.Module._load (node:internal/modules/cjs/loader:878:12)
    at Module.require (node:internal/modules/cjs/loader:1067:19)
    at require (node:internal/modules/cjs/helpers:103:18)
    at Object.<anonymous> (/Users/xxxx/Documents/repos/swc-node-issue/primary/index.ts:6:18)

Version

1.3.38

Additional context

No response

Run the linked swc-issue-repro with swc-node 1.3.38 and compare its handling of the outside-root import with tsc and ts-node. Trace the relevant swc-node loading behavior from that reproduction; done means the example runs without the SyntaxError and matches the expected behavior.