dotenv is not working properly as expected

[cinnamoroll6130]

I'm using module-alias package with dotenv at the same time.

.env is working as expected in src/index.ts, but it's not working in other files like src/helpers/axios.ts.
I created an axios instance with api key which is loaded from .env.

I will drop the code snippets here for reference.

src/index.ts

import express, { Express, Request, Response } from 'express'
import bodyParser from 'body-parser'
import cors from 'cors'
import dotenv from 'dotenv'
import 'module-alias/register' // Register module aliases

import { router } from './routes'

console.log(process.env.API_KEY)        // -------------------------------------> this is working properly

dotenv.config({ path: `${__dirname}/../.env` })

src/helpers/axios.ts

import axios from 'axios'

export const BASE_URL = 'https://test-base-url.com'

console.log('ENV - ', process.env.API_KEY)        // -------------------------------------> this is not working

export const swapkitInstance = axios.create({
  baseURL: EASYBIT_BASE_URL,
  headers: {
    'Content-Type': 'application/json',
    'API-KEY': process.env.API_KEY,
  },
})

package.json

{
  "name": "backend",
  "version": "1.0.0",
  "main": "dist/index.js",
  "scripts": {
    "start": "node dist/index.js",
    "dev": "concurrently -k -i -p \"[{name}]\" -n \"Node,TypeScript\" -c \"yellow.bold,cyan.bold\" \"yarn watch-js\" \"yarn watch-ts\"",
    "build-ts": "tsc --skipLibCheck",
    "watch-ts": "tsc -w --skipLibCheck",
    "watch-js": "nodemon dist/app.js"
  },
  "keywords": [],
  "author": "",
  "license": "ISC",
  "description": "",
  "dependencies": {
    "axios": "^1.7.7",
    "body-parser": "^1.20.2",
    "cors": "^2.8.5",
    "dotenv": "^16.4.5",
    "express": "^4.19.2",
    "module-alias": "^2.2.3",
    "yup": "^1.4.0"
  },
  "devDependencies": {
    "@types/cors": "^2.8.17",
    "@types/express": "^4.17.21",
    "@types/node": "^22.5.4",
    "concurrently": "^9.0.1",
    "nodemon": "^3.1.4",
    "ts-node": "^10.9.2",
    "typescript": "^5.5.4"
  },
  "_moduleAliases": {
    "@": "dist"
  }
}

nodemon.json

{
  "watch": ["src"],
  "ext": "ts",
  "ignore": ["src/**/*.spec.ts"],
  "exec": "ts-node -r module-alias/register src/index.ts"
}

Any help would be appreciated.