Well when I tried the same, I got the exact value of the blob field in the dump output.
But the reason u get a binary output is possibly because a blob is binary.
2 my knowledge, if u use the output from the phpmyadmin dump as an sql command on the new database, it should work.
Try it. If it doesnt work, then you can write a php script which will get the info from the database and then put it on the new one 🙂