Requirement

Import your Managed Metadata from a term store in one farm and import it into another farm.

Solution

I used a program from Codeplex called SharePoint 2010 CSV Bulk Taxonomy TermSet Importer/Exporter.

Some notes about the program:

Exporting

1. You need to run it from a WFE in your SharePoint farm.
2. SharePoint Site URL should be the URL to your Central Administration site.
3. Type in the name of the SharePoint site first, then select options -> select managed store -> Get Store
4. Select the name of your managed store, default is ‘Managed Metadata Service’
5. Type in your group name, e.g. Companies
6. Type in the path of the output file.
7. Click Export

Importing

Steps are similar to importing, you will need to select the csv files from the export and type in a group name which will be created. Note that if a similar group already exists in the destination farm, it will be overwritten.