If you are exporting MP3 files, you can now set any of the available MP3 export options to be used for encoding.
When encoding MP3 audio files, you can select the type of bitrate encoding to be performed. Constant Bitrate encoding uses a single, fixed bitrate for the entire file. Variable Bitrate encoding is a two-pass process of analyzing and then compressing movies to an optimal data rate. Average Bitrate encoding is similar to Variable Bitrate encoding except that it works within a set minimum and maximum bitrate.
You can also adjust the quality of the encoding algorithm (which affects the speed of the encoding), and the number of bits used in the encoding as a factor of quality level (which affects the encoded file size).