diff --git a/lib/tsc.js b/lib/tsc.js
index 232c7b3e0e958..f39e9517ac606 100644
--- a/lib/tsc.js
+++ b/lib/tsc.js
@@ -60,7 +60,7 @@ var __makeTemplateObject = (this && this.__makeTemplateObject) || function (cook
 var ts;
 (function (ts) {
     ts.versionMajorMinor = "3.1";
-    ts.version = ts.versionMajorMinor + ".4";
+    ts.version = ts.versionMajorMinor + ".5";
 })(ts || (ts = {}));
 (function (ts) {
     ts.emptyArray = [];
@@ -46782,7 +46782,8 @@ var ts;
                     return true;
                 }
                 var target = getSymbolLinks(symbol).target;
-                if (target && ts.getModifierFlags(node) & 1 && target.flags & 67220415) {
+                if (target && ts.getModifierFlags(node) & 1 &&
+                    target.flags & 67220415 && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     return true;
                 }
             }
diff --git a/lib/tsserver.js b/lib/tsserver.js
index 9208c64802b35..db331e39cac23 100644
--- a/lib/tsserver.js
+++ b/lib/tsserver.js
@@ -88,7 +88,7 @@ var ts;
     // If changing the text in this section, be sure to test `configureNightly` too.
     ts.versionMajorMinor = "3.1";
     /** The version of the TypeScript compiler release */
-    ts.version = ts.versionMajorMinor + ".4";
+    ts.version = ts.versionMajorMinor + ".5";
 })(ts || (ts = {}));
 (function (ts) {
     /* @internal */
@@ -56071,7 +56071,8 @@ var ts;
                     return true;
                 }
                 var target = getSymbolLinks(symbol).target; // TODO: GH#18217
-                if (target && ts.getModifierFlags(node) & 1 /* Export */ && target.flags & 67220415 /* Value */) {
+                if (target && ts.getModifierFlags(node) & 1 /* Export */ &&
+                    target.flags & 67220415 /* Value */ && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     // An `export import ... =` of a value symbol is always considered referenced
                     return true;
                 }
diff --git a/lib/tsserverlibrary.js b/lib/tsserverlibrary.js
index b4e0b359656ba..36154ec24dace 100644
--- a/lib/tsserverlibrary.js
+++ b/lib/tsserverlibrary.js
@@ -84,7 +84,7 @@ var ts;
     // If changing the text in this section, be sure to test `configureNightly` too.
     ts.versionMajorMinor = "3.1";
     /** The version of the TypeScript compiler release */
-    ts.version = ts.versionMajorMinor + ".4";
+    ts.version = ts.versionMajorMinor + ".5";
 })(ts || (ts = {}));
 (function (ts) {
     /* @internal */
@@ -56067,7 +56067,8 @@ var ts;
                     return true;
                 }
                 var target = getSymbolLinks(symbol).target; // TODO: GH#18217
-                if (target && ts.getModifierFlags(node) & 1 /* Export */ && target.flags & 67220415 /* Value */) {
+                if (target && ts.getModifierFlags(node) & 1 /* Export */ &&
+                    target.flags & 67220415 /* Value */ && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     // An `export import ... =` of a value symbol is always considered referenced
                     return true;
                 }
diff --git a/lib/typescript.js b/lib/typescript.js
index 244557ccbce10..c65793c162850 100644
--- a/lib/typescript.js
+++ b/lib/typescript.js
@@ -75,7 +75,7 @@ var ts;
     // If changing the text in this section, be sure to test `configureNightly` too.
     ts.versionMajorMinor = "3.1";
     /** The version of the TypeScript compiler release */
-    ts.version = ts.versionMajorMinor + ".4";
+    ts.version = ts.versionMajorMinor + ".5";
 })(ts || (ts = {}));
 (function (ts) {
     /* @internal */
@@ -56058,7 +56058,8 @@ var ts;
                     return true;
                 }
                 var target = getSymbolLinks(symbol).target; // TODO: GH#18217
-                if (target && ts.getModifierFlags(node) & 1 /* Export */ && target.flags & 67220415 /* Value */) {
+                if (target && ts.getModifierFlags(node) & 1 /* Export */ &&
+                    target.flags & 67220415 /* Value */ && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     // An `export import ... =` of a value symbol is always considered referenced
                     return true;
                 }
diff --git a/lib/typescriptServices.js b/lib/typescriptServices.js
index 244557ccbce10..c65793c162850 100644
--- a/lib/typescriptServices.js
+++ b/lib/typescriptServices.js
@@ -75,7 +75,7 @@ var ts;
     // If changing the text in this section, be sure to test `configureNightly` too.
     ts.versionMajorMinor = "3.1";
     /** The version of the TypeScript compiler release */
-    ts.version = ts.versionMajorMinor + ".4";
+    ts.version = ts.versionMajorMinor + ".5";
 })(ts || (ts = {}));
 (function (ts) {
     /* @internal */
@@ -56058,7 +56058,8 @@ var ts;
                     return true;
                 }
                 var target = getSymbolLinks(symbol).target; // TODO: GH#18217
-                if (target && ts.getModifierFlags(node) & 1 /* Export */ && target.flags & 67220415 /* Value */) {
+                if (target && ts.getModifierFlags(node) & 1 /* Export */ &&
+                    target.flags & 67220415 /* Value */ && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     // An `export import ... =` of a value symbol is always considered referenced
                     return true;
                 }
diff --git a/lib/typingsInstaller.js b/lib/typingsInstaller.js
index 8781941d2e93b..f6db7e4e3bcbb 100644
--- a/lib/typingsInstaller.js
+++ b/lib/typingsInstaller.js
@@ -88,7 +88,7 @@ var ts;
     // If changing the text in this section, be sure to test `configureNightly` too.
     ts.versionMajorMinor = "3.1";
     /** The version of the TypeScript compiler release */
-    ts.version = ts.versionMajorMinor + ".4";
+    ts.version = ts.versionMajorMinor + ".5";
 })(ts || (ts = {}));
 (function (ts) {
     /* @internal */
@@ -56071,7 +56071,8 @@ var ts;
                     return true;
                 }
                 var target = getSymbolLinks(symbol).target; // TODO: GH#18217
-                if (target && ts.getModifierFlags(node) & 1 /* Export */ && target.flags & 67220415 /* Value */) {
+                if (target && ts.getModifierFlags(node) & 1 /* Export */ &&
+                    target.flags & 67220415 /* Value */ && (compilerOptions.preserveConstEnums || !isConstEnumOrConstEnumOnlyModule(target))) {
                     // An `export import ... =` of a value symbol is always considered referenced
                     return true;
                 }