I also had this issue when trying to export a 4 minute long sequence, of Pro Res HQ footage. Trying to export to an mp4 file of about 200mb size.
After various attempts, what solved it was one, or all of 3 things I did at the same time: exported to the internal drive of my machine (with lots of space on it), changed my sequence settings to Pro Res HQ, and lastly (and I think this is what fixed it) in my Preferences, in Memory, changed to “optimize rendering for MEMORY”.
There’s a checklist of things to check on Adobe’s site when you get this error: https://helpx.adobe.com/premiere-pro/kb/error-compiling-movie-rendering-or.html
Hope that helps
Jimi
Cut and Splice Productions