How do I backup Windows Live Mail email and contacts?

My question must have already been asked a bazillion times but I can't find either the question or the answer.

I user Win 7 Home Premium with Windows Live Mail 2011.  I have a brand new backup drive ready to receive backup copies of all the email in my folders and all my contacts.  How do I perform a backup of those two things?

I suspect that I use Export and Import, but for the life of me I can't find any information anywhere!  Can someone help me find this so I can recover this valuable information in case of a crash?

Oddly enoughk there isn't even an appropriate Email Topic in the Topic selection box below.  I could be totally in the wrong forum but clear direction eludes me.

Thanks Very Much, GJG