Issue was with vs code not able to find the exports but it was actually being exported, so i deleted the whole node modules folder and reinstalled
UPDATE
This happens when you have two version of @solana/spl-token that are conflicting in versions
For example i had this issue when i was using metaplex's npm package which used the spl token package which was version 0.1.8 underneath and i had also separately installed it which was version 0.2.0
Just delete either and have only one version of the package