How can I reduce size of mp3 file output

Wonder if anyone can help me.
I import an mp3 of a recording of my teleseminar - one hour about 7500kb.
All I do is edit deleting long pauses and some ‘ums’ etc.
When I export as mp3 is has blown out to 65,000kb.
How can I reduce the output mp3 file size

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In Audacity 1.2, you had to change the quality and size in Preferences > File Formats. In 1.3, I think you can do it at the export step. Your current export settings (bit rates) are much more graceful than the settings in the original file, so you get the odd effect of having the shortened export file much larger than the original. Your current settings are probably set for a stereo orchestral performance with minimal damage. Those settings are very different from a mono voice lecture where some damage is acceptable. It’s all about bitrates and listening carefully to the result.