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Import/Export wizard is not only used for moving data files to and from MS Outlook, but it also is used to split PST file in MS Outlook.
Following are the steps mentioned that will guide you to complete the splitting of PST files:
Step 1: Launch MS Outlook, click File from the menu bar.
Step 2: Navigate to Account Settings >> Account Settings
Click Add button under Data Files tab from the dialog box.
Step 3: Enter name and type as Outlook data file (.pst) and click OK to create a new PST.
Step 4: You can view the new PST under Data Files
Step 5: Now, click File >> Open & Export >> Import/Export.
Step 6: Select Export a File in Import and Export Wizard and click Next button.
Step 7: In Export File windows select Outlook Data File (.pst) and click Next button.
Step 8: Choose folders to export and check the Include Subfolders option if you want to export subfolders.
Step 9: Now, browse to select to select the saving location of the exported file and choose from options to disallow exporting duplicates items. And, click Finish
Step 10: Set a password for exported PST file or if you want you can cancel it simply.
I hope this will be helpful.