Copying all the emails from Outlook inbox plus subfolders to excel

If you want to exclude items from the export you specify them like this:

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For Each fld In nms.Folders(1).Folders
     IF fld.Name = "Deleted Items" OR fld.Name =  "Sent Items" OR fld.Name =  "Whatever" Then
            goto 1:
     end if
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Well this is interesting... It is not looking for subfolders under the main Inbox folder. So its picking up all the emails from Inbox and sent emails, deleted emails etc.. but not subfolders under Inbox.
And yea I tried excluding the Inbox folder and deleted all the emails from sent and deleted folder except for subfolders. And Im getting an error as "No email items found"

What do u reckon the problem is??