Babel Plugin/Preset files are not allowed to export objects, only functions

I got the same error with babel 7.x and and "babel-loader": "^8.0.4"

I solved the issue by changing the following dependencies in package.json.
I got the solution from these link

"devDependencies": {
    "@babel/core": "^7.1.6",
    "@babel/preset-env": "^7.1.6",
    "@babel/preset-react": "^7.0.0",
    "babel-loader": "^8.0.4",
    "webpack": "^4.25.1",
    "webpack-cli": "^3.1.2"
}

and in .babelrc

{
    "presets": ["@babel/env", "@babel/react"]
}

or in package.json

"babel": {
    "presets": [
        "@babel/env",
        "@babel/react"
    ]
},

If you are using npm then use the following

npm install @babel/core --save-dev
npm install @babel/preset-env --save-dev
npm install @babel/preset-react --save-dev
npm install babel-loader --save-dev
npm install webpack --save-dev
npm install webpack-cli --save-dev

If you are using yarn, then use the following

yarn add @babel/core --dev
yarn add @babel/preset-env --dev
yarn add @babel/preset-react --dev
yarn add babel-loader --dev
yarn add webpack --dev
yarn add webpack-cli --dev