diff --git a/go.mod b/go.mod
index fb9440d0..3834fb53 100644
--- a/go.mod
+++ b/go.mod
@@ -17,7 +17,7 @@ require (
 	github.com/phayes/freeport v0.0.0-20220201140144-74d24b5ae9f5
 	github.com/spf13/cobra v1.7.0
 	github.com/stretchr/testify v1.8.4
-	github.com/vmware-tanzu/carvel-imgpkg v0.38.2
+	github.com/vmware-tanzu/carvel-imgpkg v0.38.3
 	golang.org/x/crypto v0.14.0
 	golang.org/x/oauth2 v0.8.0
 	golang.org/x/tools v0.12.0
diff --git a/go.sum b/go.sum
index ab64caef..ea1a91ab 100644
--- a/go.sum
+++ b/go.sum
@@ -335,8 +335,8 @@ github.com/vbatts/tar-split v0.11.3 h1:hLFqsOLQ1SsppQNTMpkpPXClLDfC2A3Zgy9OUU+RV
 github.com/vbatts/tar-split v0.11.3/go.mod h1:9QlHN18E+fEH7RdG+QAJJcuya3rqT7eXSTY7wGrAokY=
 github.com/vito/go-interact v1.0.1 h1:O8xi8c93bRUv2Tb/v6HdiuGc+WnWt+AQzF74MOOdlBs=
 github.com/vito/go-interact v1.0.1/go.mod h1:HrdHSJXD2yn1MhlTwSIMeFgQ5WftiIorszVGd3S/DAA=
-github.com/vmware-tanzu/carvel-imgpkg v0.38.2 h1:fSeYT7TbLV6P2JcfLW6MF9miNVJaEDpV3gfLxpZA6nA=
-github.com/vmware-tanzu/carvel-imgpkg v0.38.2/go.mod h1:v9BcO1qfXwwIQFw2zmksdUkx8eI1e+/a0Md3xG2BzDE=
+github.com/vmware-tanzu/carvel-imgpkg v0.38.3 h1:vVnqCPFEZ2NQcoTywg/va91qRyCuu46wBYAETqoyez4=
+github.com/vmware-tanzu/carvel-imgpkg v0.38.3/go.mod h1:v9BcO1qfXwwIQFw2zmksdUkx8eI1e+/a0Md3xG2BzDE=
 github.com/yuin/goldmark v1.1.27/go.mod h1:3hX8gzYuyVAZsxl0MRgGTJEmQBFcNTphYh9decYSb74=
 github.com/yuin/goldmark v1.2.1/go.mod h1:3hX8gzYuyVAZsxl0MRgGTJEmQBFcNTphYh9decYSb74=
 github.com/yuin/goldmark v1.3.5/go.mod h1:mwnBkeHKe2W/ZEtQ+71ViKU8L12m81fl3OWwC1Zlc8k=
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 5ed6822d..7c702473 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -367,7 +367,7 @@ github.com/vbatts/tar-split/archive/tar
 # github.com/vito/go-interact v1.0.1
 ## explicit; go 1.12
 github.com/vito/go-interact/interact
-# github.com/vmware-tanzu/carvel-imgpkg v0.38.2
+# github.com/vmware-tanzu/carvel-imgpkg v0.38.3
 ## explicit; go 1.21
 github.com/vmware-tanzu/carvel-imgpkg/pkg/imgpkg/bundle
 github.com/vmware-tanzu/carvel-imgpkg/pkg/imgpkg/image