A lot of tracker techniques cannot be cleanly translated to MIDI. This particular track for example uses volume slides to create a gated sound, something that cannot be easily expressed in the world of MIDI. Never expect that that modules that were not designed with MIDI export in mind will export cleanly - almost every one of them will require some sort of manual rework, often lots of it.
As a workaround, you could patch this instrument up to a synthesizer plugin that has an arpeggiator, and set the arpeggiator to 16th notes. It would sound similar.