This error will occur if we are attempting to migrate database from Mysql 5.5.3+ to older versions. utf8mb4 is a more sophisticated encoding type for varchar columns which is used in latest Mysql versions. We can solve this problem by following the steps below.
Login to phpmyadmin
Export your database/tables normally, but select Custom when choosing your Export Method.
Select MYSQL40 from the dropdown for the Database system or older MySQL server to maximize output compatibility with: option.
This dump file can be exported without any issues.