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To export a smaller file size in Premiere Pro, click on the button inside the program. Adjust settings to reduce file size without losing quality by changing format from h.264 to h265. Set file location, change to Match source in video tab, enable correct settings in the More button, select Hardware encoding if available, set Tier to high for performance. Set bitrate encoding to vbr1 pass for smallest file size and high quality. Reduce bitrate to decrease estimated file size, such as changing from 50 to 10.