Babel is not transpiling nodejs modules - node.js

Question

I've created a few nodejs modules and trying to bundle them using webpack, after been transpiled using babel. But it seems babel is not transpiling modules.
Following is my project structure:
> config
> connection
> controllers
> models
> node_modules
> routes
.babelrc
.env
.gitignore
chalk.console.js
package-lock.json
package.json
Procfile
index-bundle.js
index.js
webpack.config.js
Following is the package.json
{
"name": "index-service",
"version": "0.1.0",
"main": "index.js",
"scripts": {
"dev-run": "webpack && node index-bundle.js",
"test": "echo \"Error: no test specified\" && exit 1"
},
"license": "ISC",
"dependencies": {
"#babel/core": "7.11.6",
"#babel/node": "7.10.5",
"#babel/preset-env": "7.11.5",
"babel-loader": "8.1.0",
"body-parser": "1.19.0",
"core-js": "3.6.5",
"dotenv": "8.2.0",
"express": "4.17.1",
"pg": "8.4.0",
"pg-hstore": "2.3.3",
"regenerator-runtime": "0.13.7",
"sequelize": "6.3.5",
"webpack": "4.44.2",
"webpack-node-externals": "2.5.2",
},
"devDependencies": {
"chalk": "^4.1.0",
"nodemon": "^2.0.4",
"webpack-cli": "^3.3.12"
}
}
Following is the index.js
require('core-js/stable');
require('dotenv').config();
require('regenerator-runtime/runtime');
const chalk = require('./chalk.console');
const bodyParser = require('body-parser');
const express = require('express');
....
app.listen(PORT, () => {
console.log(chalk.info(`Service running on port ${PORT}`));
});
Following is the webpack.config.js
const nodeExternals = require('webpack-node-externals');
module.exports = {
mode: "development",
target: 'node',
externals: [nodeExternals()],
entry: './index.js',
output: {
path: __dirname,
filename: 'index-bundle.js'
},
module: {
rules: [
{
test: /.js$/,
exclude: /node_modules/,
use: {
loader: 'babel-loader',
options: {
presets: ['#babel/preset-env']
}
}
}
]
}
};
Following is the .babelrc file:
{
"presets": [
"#babel/preset-env"
]
}
Following is the chalk.console.js:
const chalk = require('chalk');
const error = chalk.redBright;
const success = chalk.greenBright;
const warning = chalk.hex('#ff3d00');
const info = chalk.yellowBright;
//This is where the error is occuring
export {
error,
success,
warning,
info
};
So, whenever I run npm run dev-run
I get the following error
D:\NodeJS Services\Index\chalk.console.js:8
export {
^^^^^^
SyntaxError: Unexpected token 'export'
The exact same project structure and same .babelrc, webpack.config.js, and package.json dependencies are working in my another project, but not this one. I wonder where did I go wrong