You can't do it. The feature was removed in favour of the CSV export. Spreadsheets can all read CSV, so the idea is that if you needed Excel, you can just open the CSV.
I'm afraid, on Cloud, you are stuck with CSV, unless you can find an add-on in the marketplace that can replace the functions.
(Personally, I don't think the CSV export is functional enough to warrant turning off the Excel option yet)
Please see JIRA Import Wizard / CSV Export Unavailable .
A comment yesterday by Service Enablement Engineer, Rob Saunders, at the bottom reads:
"...CSV export may still be unavailable for some users. This should be resolved in the next week or two. If this is an issue for you please contact our support at getsupport.atlassian.com and we will be able to enable this on your site."
I put a ticket in to Jira Support and they enabled the otion for us. We're running in the Cloud and it was there when we first signed up. It went away about a month ago when Jira was upgraded.. It was been enabled for our site and that's a good thing because my manager was ready to not use Jira anymore.
All in all, Jira Support took care of us and everyone is happy again.
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