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In Premiere Pro, to export a smaller file size, click on the button inside the software. Change the format from h.264 to h.265 for higher quality. Set the file location and name, then adjust the settings with vbr1 pass for small file size and high quality. Enable hardware encoding and set performance to high for optimal results. Adjust the bit rate to reduce file size, with estimated changes visible in the corner. Follow these steps for efficient file compression.