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The instructions listed in this article will only work for the application version of the New Outlook, not from the web browser.
In New Outlook click "File" in the top left, then click "Open and export"
This will open the settings to the Export subsection under Files, from here click "Get Started"
In the window that pops-up, select the folder you want to export then click next
Select how duplicate items will be handled, and set a time range if desired, then click next again
Set a recurring export if you want the folder to be routinely backed up, leave the "Set recurring export" option unchecked. Click "Choose file" to set the destination for the export
Set a file name in the appropriate folder location, and click "OK"
A pop-up will ask if you want to set a password. If you do not want to set one, just click "OK"
Finally click "Export" and the files will be exported to the location you specified.