To export speaker notes to Microsoft Word, use the "Create Handouts" feature in PowerPoint. Go to "File" > "Export" > "Create Handouts", and then choose a layout in Word that suits your needs. This process generates a Word document with your slides and associated notes, which can be edited further in Word. Importing text from Word to PowerPoint as speaker notes requires manual copying and pasting. You can select text in a Word document and paste it into the speaker notes pane for the corresponding slide in PowerPoint.