diff --git a/swh/loader/svn/replay.py b/swh/loader/svn/replay.py
--- a/swh/loader/svn/replay.py
+++ b/swh/loader/svn/replay.py
@@ -555,15 +555,21 @@
         prev_externals = self.dir_states[self.path].externals
 
         if self.externals:
-            # externals definition list might have changed in the current processed
+            # externals definition list might have changed in the current replayed
             # revision, we need to determine if some were removed and delete the
             # associated paths
+            externals = self.externals
             old_externals = set(prev_externals) - set(self.externals)
             for old_external in old_externals:
                 self.remove_external_path(os.fsencode(old_external))
+        else:
+            # some external paths might have been removed in the current replayed
+            # revision by a delete operation on an overlapping versioned path so we
+            # need to restore them
+            externals = prev_externals
 
         # For each external, try to export it in reconstructed filesystem
-        for path, (external_url, revision, relative_url) in self.externals.items():
+        for path, (external_url, revision, relative_url) in externals.items():
             external = (external_url, revision)
             dest_path = os.fsencode(path)
             dest_fullpath = os.path.join(self.path, dest_path)
diff --git a/swh/loader/svn/tests/test_loader.py b/swh/loader/svn/tests/test_loader.py
--- a/swh/loader/svn/tests/test_loader.py
+++ b/swh/loader/svn/tests/test_loader.py
@@ -2460,3 +2460,66 @@
     check_snapshot(loader.snapshot, loader.storage)
 
     assert (external_url, None) in loader.svnrepo.swhreplay.editor.externals_cache
+
+
+def test_loader_remove_versioned_path_with_external_overlap(
+    swh_storage, repo_url, external_repo_url, tmp_path
+):
+    # first commit on external
+    add_commit(
+        external_repo_url,
+        "Create a file in an external repository",
+        [
+            CommitChange(
+                change_type=CommitChangeType.AddOrUpdate,
+                path="code/hello.sh",
+                data=b"#!/bin/bash\necho Hello World !",
+            ),
+        ],
+    )
+
+    # first commit
+    add_commit(
+        repo_url,
+        "Add a file",
+        [
+            CommitChange(
+                change_type=CommitChangeType.AddOrUpdate,
+                path="trunk/project/script.sh",
+                data=b"#!/bin/bash\necho foo",
+            ),
+        ],
+    )
+
+    # second commit
+    add_commit(
+        repo_url,
+        "Set external on trunk overlapping versioned path",
+        [
+            CommitChange(
+                change_type=CommitChangeType.AddOrUpdate,
+                path="trunk/",
+                properties={
+                    "svn:externals": (
+                        f"{svn_urljoin(external_repo_url, 'code')} project/code"
+                    )
+                },
+            ),
+        ],
+    )
+
+    # third commit
+    add_commit(
+        repo_url,
+        "Remove trunk/project/ versioned path",
+        [CommitChange(change_type=CommitChangeType.Delete, path="trunk/project/",),],
+    )
+
+    loader = SvnLoader(
+        swh_storage, repo_url, temp_directory=tmp_path, check_revision=1,
+    )
+    assert loader.load() == {"status": "eventful"}
+    assert_last_visit_matches(
+        loader.storage, repo_url, status="full", type="svn",
+    )
+    check_snapshot(loader.snapshot, loader.storage)