Your operating system is 32 bits which means you will not be able to use more then 4 gig (3.48 to be precise)
I dont think you will be able to solve this problem without upgrading to Windows 10 64 bits and put some more RAM in your machine. (12-16 gig).
Then you still will be left with Elements being 32 bits.
Maybe you can swap that for a 64 bits version at Adobe (not sure about that, might want to Contact Customer Care on that).
At this time, just how much available RAM does your computer have?
From your screenshot, it looks like you are only exporting Expert & Share/Devices/Computer
1920 x 1080
1 minutes 45.45 seconds Duration
412 MB Files Size (Please verify that is your 412,20 Mo and you are using a comma as decimal point.)
Even a Windows 10 32 bit computer and Premiere Elements 14 might be expected to handle that. Also, consider the use of Expert & Share/Devices/Custom advanced settings to create your own export preset (including a lower bitrate). Nonetheless....
What are the properties (formats) of the Timeline content?
Premiere Elements 14/14.1 as a 32 bit application limits you in the larger projects. Premiere Elements 14/14.1 Windows is 64 bit application when it is specifically installed on Windows 7, 8, 8.1, or 10 64 bit.
But, from the data in your screenshot, I suspect that there is more going on beyond the lower memory message. Please explore the Timeline content and structure and other possible computer memory problems beyond the limitations of a 32 bit system.