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I want to export my powerpoint into microsoft word as a handout. However when i click file there is no export option.
A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
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You need to either purchase Office 2021 [Retail License] or subscribe to Microsoft 365 in order to have the desktop version of PowerPoint. Either option includes all Mac Office programs
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PPT for Mac does not export directly to a Word file type. To Export the slide text (no graphics) contained in Placeholders (not Text Boxes or Shapes) in Outline form you have to select Rich Text Format (.rtf) which is compatible with Word. Once you open the file with Word you can use Save As to create a new version in the .docx file type. There may be a need to change font color & some formatting in the new document file.
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Apparently you are using the free PowerPoint Online web app which does not support the Outline print function. That's available only in the desktop software. The web apps offer significantly fewer features than their desktop counterparts.
However, you're mixing the terms outline & handouts. These are 2 separate forms of printed output. The option for Handouts in the web app is in the Print options, although not as many variations are provided (only 1) as what the desktop software offers.
Also, just to clarify, neither Outline nor Handouts convert a presentation. They strictly are methods of printing presentation content.
The first picture I put above is an image of what it shows on my screen. For my assignment I'm only allowed to choose the "Outline only" format when clicking page layout which does not show for me. but after I click file there is no export option for me to proceed to get to the "outline only" format. 
Use the Menu Bar. Choose File > Print. In the Print dialog change the Layout option for handout layouts. The layout having the slide pics with lines for writing comments on the paper is 3 slides per page.