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To reduce file size when exporting a video in Adobe Premiere Pro, use the Ctrl M keyboard shortcut to open the export window. Change the preset to "Match Source High Bitrate" for 1080p footage. Lowering the bitrate can further decrease file size, with a target bitrate of at least 10 for 60 FPS footage and lower for 30 FPS footage. This can significantly reduce the file size while maintaining good quality.