I successfully did it by following this blog post:
Source SP Farm - Windows Azure SharePoint Server 2013 VM.
Destination SP Farm - SharePoint Server 2013 VM.
http://blog.kuppens-switsers.net/sharepoint/migrate-managed-metadata-between-farms/?subscribe=success#blog_subscription-3
Note: First migrate term store and then Backup/Restore site collection.
Finally Change site collection administrators of restored site collection from Central Administration (CA).
Here are detailed steps:
Step 1 - Export Term Store script
$mmsApplication = Get-SPServiceApplication | ? {$.TypeName -eq "Managed Metadata Service"}
$mmsProxy = Get-SPServiceApplicationProxy | ? {$.TypeName -eq "Managed Metadata Service Connection"}
Export-SPMetadataWebServicePartitionData $mmsApplication.Id -ServiceProxy $mmsProxy -Path "C:\MMS\mmsdata.cab"
Step 2 - Import script
$mmsApplication = Get-SPServiceApplication | ? {$.TypeName -eq "Managed Metadata Service"}
$mmsProxy = Get-SPServiceApplicationProxy | ? {$.TypeName -eq "Managed Metadata Service Connection"}
Import-SPMetadataWebServicePartitionData $mmsApplication.Id -ServiceProxy $mmsProxy -Path "C:\MMS\mmsdata.cab" -OverwriteExisting
Step 3 - Backup site
Backup-SPSite -Identity "http://sp2103dev/sites/abc/" -Path "C:\MMS\sitetoarchive.bak"
Step 4 - Restore site
Restore-SPSite -Identity "http://sp2013/sites/xyz" -Path "C:\MMS\sitetoarchive.bak" -force
Step 5 - Note:- after site restore we need to change site collection administrator(s) for CA so that these users can access the site.