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To export a smaller file size in Premiere Pro, click on the button, change the format from h.264 to h.265 for higher quality in the same file size. Set the presets to "Custom", click on "Match source" in the video tab, enable the two boxes under the "More" section. Set performance to high, choose vbr1 pass for bitrate encoding to get a small file size but high quality. Adjust the bitrate from 50 to 10 to see the estimated file size decrease.