diff --git a/io_mesh_stl/__init__.py b/io_mesh_stl/__init__.py
index e68a262bb..af494c4f1 100644
--- a/io_mesh_stl/__init__.py
+++ b/io_mesh_stl/__init__.py
@@ -240,10 +240,13 @@ class ExportSTL(Operator, ExportHelper):
     def execute(self, context):
         import os
         import itertools
+        import bpy
         from mathutils import Matrix
         from . import stl_utils
         from . import blender_utils
 
+        depsgraph = bpy.context.evaluated_depsgraph_get()
+
         keywords = self.as_keywords(
             ignore=(
                 "axis_forward",
@@ -265,6 +268,15 @@ class ExportSTL(Operator, ExportHelper):
         else:
             data_seq = scene.objects
 
+        resolved_objs = []
+        for ob in data_seq:
+            if ob.is_instancer:
+                    resolved_objs += [(dup.instance_object.original, ob.matrix_world.copy())
+                            for dup in depsgraph.object_instances
+                            if dup.parent and dup.parent.original == ob]
+            else:
+                resolved_objs.append((ob, Matrix()))
+
         # Take into account scene's unit scale, so that 1 inch in Blender gives 1 inch elsewhere! See T42000.
         global_scale = self.global_scale
         if scene.unit_settings.system != 'NONE' and self.use_scene_unit:
@@ -280,15 +292,15 @@ class ExportSTL(Operator, ExportHelper):
 
         if self.batch_mode == 'OFF':
             faces = itertools.chain.from_iterable(
-                    blender_utils.faces_from_mesh(ob, global_matrix, self.use_mesh_modifiers)
-                    for ob in data_seq)
+                    blender_utils.faces_from_mesh(ob_tuple[0], global_matrix @ ob_tuple[1], self.use_mesh_modifiers)
+                    for ob_tuple in resolved_objs)
 
             stl_utils.write_stl(faces=faces, **keywords)
         elif self.batch_mode == 'OBJECT':
             prefix = os.path.splitext(self.filepath)[0]
             keywords_temp = keywords.copy()
-            for ob in data_seq:
-                faces = blender_utils.faces_from_mesh(ob, global_matrix, self.use_mesh_modifiers)
+            for ob_tuple in resolved_objs:
+                faces = blender_utils.faces_from_mesh(ob_tuple[0], global_matrix @ ob_tuple[1], self.use_mesh_modifiers)
                 keywords_temp["filepath"] = prefix + bpy.path.clean_name(ob.name) + ".stl"
                 stl_utils.write_stl(faces=faces, **keywords_temp)