Premiere Elements (any version) does not do batch exporting. And I have not seen reports of inventive tries to overcome situation successfully. If this turns out to be a deal breaker with regard to you and Premiere Elements, then...
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Please consider. Any questions or need clarification, please do not hesitate to ask.
Premiere Pro supports this through the Adobe Media Encoder. I too wish Premiere Elements had a queuing mechanism or could use the AME.
I will be extremely happy if someone has a solution.
The only solution is to rent Premiere Pro, but then you have to re-do all your projects, as Pro does not import Elements projects.