diff --git a/.changeset/little-pears-sniff.md b/.changeset/little-pears-sniff.md
new file mode 100644
index 000000000..335f6e493
--- /dev/null
+++ b/.changeset/little-pears-sniff.md
@@ -0,0 +1,6 @@
+---
+"@redocly/openapi-core": patch
+"@redocly/cli": patch
+---
+
+Fixed an issue where the bundle command did not resolve links in `externalValue`.
diff --git a/__tests__/bundle/bundle-external-value/external-value.json b/__tests__/bundle/bundle-external-value/external-value.json
new file mode 100644
index 000000000..b5b7bd90b
--- /dev/null
+++ b/__tests__/bundle/bundle-external-value/external-value.json
@@ -0,0 +1,4 @@
+{
+  "foo": "bar",
+  "key": "value"
+}
diff --git a/__tests__/bundle/bundle-external-value/redocly.yaml b/__tests__/bundle/bundle-external-value/redocly.yaml
new file mode 100644
index 000000000..4eb5e2747
--- /dev/null
+++ b/__tests__/bundle/bundle-external-value/redocly.yaml
@@ -0,0 +1,8 @@
+apis:
+  first:
+    root: ./test-success.yaml
+  second:
+    root: ./test-wrong-examples.yaml
+
+extends:
+  - recommended
diff --git a/__tests__/bundle/bundle-external-value/snapshot.js b/__tests__/bundle/bundle-external-value/snapshot.js
new file mode 100644
index 000000000..d34f50ee1
--- /dev/null
+++ b/__tests__/bundle/bundle-external-value/snapshot.js
@@ -0,0 +1,59 @@
+// Jest Snapshot v1, https://goo.gl/fbAQLP
+
+exports[`E2E bundle bundle-external-value 1`] = `
+openapi: 3.1.0
+info:
+  version: 1.0.0
+  title: Example.com
+  termsOfService: https://example.com/terms/
+  contact:
+    email: contact@example.com
+    url: http://example.com/contact
+  license:
+    name: Apache 2.0
+    url: http://www.apache.org/licenses/LICENSE-2.0.html
+  description: OpenAPI description with external example
+security: []
+paths:
+  /:
+    post:
+      summary: Test request externalValue with relative reference in examples
+      requestBody:
+        content:
+          application/xml:
+            schema:
+              type: object
+            examples:
+              test-resolved:
+                summary: Example should resolved to value
+                value:
+                  foo: bar
+                  key: value
+              test-no-resolved:
+                summary: Example shouldn't be resolved to value
+                value:
+                  type: object
+                externalValue: ./external-value.json
+components: {}
+
+bundling ./test-success.yaml...
+📦 Created a bundle for ./test-success.yaml at stdout <test>ms.
+bundling ./test-wrong-examples.yaml...
+[1] test-wrong-examples.yaml:27:17 at #/paths/~1/post/requestBody/content/application~1xml/examples/test-wrong-ref
+
+Can't resolve $ref: ENOENT: no such file or directory './__tests__/bundle/bundle-external-value/external-value-bad-path.json'
+
+25 | examples:
+26 |   test-wrong-ref:
+27 |     summary: Example shouldn't resolved to value
+   |     ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
+28 |     externalValue: './external-value-bad-path.json'
+   |     ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
+29 |
+
+Error was generated by the bundler rule.
+
+
+❌ Errors encountered while bundling ./test-wrong-examples.yaml: bundle not created (use --force to ignore errors).
+
+`;
diff --git a/__tests__/bundle/bundle-external-value/test-success.yaml b/__tests__/bundle/bundle-external-value/test-success.yaml
new file mode 100644
index 000000000..63a523628
--- /dev/null
+++ b/__tests__/bundle/bundle-external-value/test-success.yaml
@@ -0,0 +1,33 @@
+openapi: 3.1.0
+security: []
+info:
+  version: 1.0.0
+  title: Example.com
+  termsOfService: https://example.com/terms/
+  contact:
+    email: contact@example.com
+    url: http://example.com/contact
+  license:
+    name: Apache 2.0
+    url: http://www.apache.org/licenses/LICENSE-2.0.html
+  description: OpenAPI description with external example
+components: {}
+
+paths:
+  /:
+    post:
+      summary: Test request externalValue with relative reference in examples
+      requestBody:
+        content:
+          application/xml:
+            schema:
+              type: object
+            examples:
+              test-resolved:
+                summary: Example should resolved to value
+                externalValue: './external-value.json'
+              test-no-resolved:
+                summary: Example shouldn't be resolved to value
+                value:
+                  type: object
+                externalValue: './external-value.json'
diff --git a/__tests__/bundle/bundle-external-value/test-wrong-examples.yaml b/__tests__/bundle/bundle-external-value/test-wrong-examples.yaml
new file mode 100644
index 000000000..b6a355eaa
--- /dev/null
+++ b/__tests__/bundle/bundle-external-value/test-wrong-examples.yaml
@@ -0,0 +1,28 @@
+openapi: 3.1.0
+security: []
+info:
+  version: 1.0.0
+  title: Example.com
+  termsOfService: https://example.com/terms/
+  contact:
+    email: contact@example.com
+    url: http://example.com/contact
+  license:
+    name: Apache 2.0
+    url: http://www.apache.org/licenses/LICENSE-2.0.html
+  description: OpenAPI description with external example
+components: {}
+
+paths:
+  /:
+    post:
+      summary: Test request externalValue with relative reference in examples
+      requestBody:
+        content:
+          application/xml:
+            schema:
+              type: object
+            examples:
+              test-wrong-ref:
+                summary: Example shouldn't resolved to value
+                externalValue: './external-value-bad-path.json'
diff --git a/packages/core/src/bundle.ts b/packages/core/src/bundle.ts
index be58ab1d1..970df3f92 100755
--- a/packages/core/src/bundle.ts
+++ b/packages/core/src/bundle.ts
@@ -379,6 +379,25 @@ function makeBundleVisitor(
         }
       },
     },
+    Example: {
+      leave(node: any, ctx: UserContext) {
+        if (node.externalValue && node.value === undefined) {
+          const resolved = ctx.resolve({ $ref: node.externalValue });
+
+          if (!resolved.location || resolved.node === undefined) {
+            reportUnresolvedRef(resolved, ctx.report, ctx.location);
+            return;
+          }
+
+          if (keepUrlRefs && isAbsoluteUrl(node.externalValue)) {
+            return;
+          }
+
+          node.value = ctx.resolve({ $ref: node.externalValue }).node;
+          delete node.externalValue;
+        }
+      },
+    },
     Root: {
       enter(root: any, ctx: any) {
         rootLocation = ctx.location;
diff --git a/packages/core/src/resolve.ts b/packages/core/src/resolve.ts
index fd55c85c0..1ca83a58b 100644
--- a/packages/core/src/resolve.ts
+++ b/packages/core/src/resolve.ts
@@ -335,6 +335,28 @@ export async function resolveDocument(opts: {
         });
         resolvePromises.push(promise);
       }
+
+      // handle example.externalValue as reference
+      if (node.externalValue) {
+        const promise = followRef(
+          rootNodeDocument,
+          { $ref: node.externalValue },
+          {
+            prev: null,
+            node,
+          }
+        ).then((resolvedRef) => {
+          if (resolvedRef.resolved) {
+            resolveRefsInParallel(
+              resolvedRef.node,
+              resolvedRef.document,
+              resolvedRef.nodePointer!,
+              type
+            );
+          }
+        });
+        resolvePromises.push(promise);
+      }
     }
 
     async function followRef(
diff --git a/packages/core/src/rules/oas3/__tests__/fixtures/external-value.yaml b/packages/core/src/rules/oas3/__tests__/fixtures/external-value.yaml
new file mode 100644
index 000000000..e70d46b91
--- /dev/null
+++ b/packages/core/src/rules/oas3/__tests__/fixtures/external-value.yaml
@@ -0,0 +1,2 @@
+a: foo
+b: 100
diff --git a/packages/core/src/rules/oas3/__tests__/no-invalid-media-type-examples.test.ts b/packages/core/src/rules/oas3/__tests__/no-invalid-media-type-examples.test.ts
index fd09a7feb..1020916bf 100644
--- a/packages/core/src/rules/oas3/__tests__/no-invalid-media-type-examples.test.ts
+++ b/packages/core/src/rules/oas3/__tests__/no-invalid-media-type-examples.test.ts
@@ -553,7 +553,7 @@ describe('no-invalid-media-type-examples', () => {
                             type: number
                       examples:
                         first:
-                          externalValue: "https://example.com/example.json"
+                          externalValue: ./fixtures/external-value.yaml
       `,
       'foobar.yaml'
     );