diff --git a/builtin/logical/transit/path_backup_test.go b/builtin/logical/transit/path_backup_test.go
index ed9a7477d6..3627d6b702 100644
--- a/builtin/logical/transit/path_backup_test.go
+++ b/builtin/logical/transit/path_backup_test.go
@@ -39,6 +39,7 @@ func TestTransit_BackupRestore(t *testing.T) {
 	testBackupRestore(t, "rsa-2048", "hmac-verify")
 	testBackupRestore(t, "rsa-3072", "hmac-verify")
 	testBackupRestore(t, "rsa-4096", "hmac-verify")
+	testBackupRestore(t, "hmac", "hmac-verify")
 }
 
 func testBackupRestore(t *testing.T, keyType, feature string) {
@@ -57,6 +58,9 @@ func testBackupRestore(t *testing.T, keyType, feature string) {
 			"exportable": true,
 		},
 	}
+	if keyType == "hmac" {
+		keyReq.Data["key_size"] = 32
+	}
 	resp, err = b.HandleRequest(context.Background(), keyReq)
 	if err != nil || (resp != nil && resp.IsError()) {
 		t.Fatalf("resp: %#v\nerr: %v", resp, err)
diff --git a/builtin/logical/transit/path_byok_test.go b/builtin/logical/transit/path_byok_test.go
index 7fc0c9946d..a05a719ea4 100644
--- a/builtin/logical/transit/path_byok_test.go
+++ b/builtin/logical/transit/path_byok_test.go
@@ -28,7 +28,8 @@ func TestTransit_BYOKExportImport(t *testing.T) {
 	testBYOKExportImport(t, "rsa-3072", "sign-verify")
 	testBYOKExportImport(t, "rsa-4096", "sign-verify")
 
-	// Unlike backup, we don't support importing HMAC keys here.
+	// Test HMAC sign/verify after a restore for supported keys.
+	testBYOKExportImport(t, "hmac", "hmac-verify")
 }
 
 func testBYOKExportImport(t *testing.T, keyType, feature string) {
@@ -47,6 +48,9 @@ func testBYOKExportImport(t *testing.T, keyType, feature string) {
 			"exportable": true,
 		},
 	}
+	if keyType == "hmac" {
+		keyReq.Data["key_size"] = 32
+	}
 	resp, err = b.HandleRequest(context.Background(), keyReq)
 	if err != nil || (resp != nil && resp.IsError()) {
 		t.Fatalf("resp: %#v\nerr: %v", resp, err)
diff --git a/builtin/logical/transit/path_export.go b/builtin/logical/transit/path_export.go
index 7465c7be54..9239aee94b 100644
--- a/builtin/logical/transit/path_export.go
+++ b/builtin/logical/transit/path_export.go
@@ -162,7 +162,11 @@ func getExportKey(policy *keysutil.Policy, key *keysutil.KeyEntry, exportType st
 
 	switch exportType {
 	case exportTypeHMACKey:
-		return strings.TrimSpace(base64.StdEncoding.EncodeToString(key.HMACKey)), nil
+		src := key.HMACKey
+		if policy.Type == keysutil.KeyType_HMAC {
+			src = key.Key
+		}
+		return strings.TrimSpace(base64.StdEncoding.EncodeToString(src)), nil
 
 	case exportTypeEncryptionKey:
 		switch policy.Type {
diff --git a/builtin/logical/transit/path_export_test.go b/builtin/logical/transit/path_export_test.go
index df9cd8e558..cd25383f2b 100644
--- a/builtin/logical/transit/path_export_test.go
+++ b/builtin/logical/transit/path_export_test.go
@@ -28,6 +28,7 @@ func TestTransit_Export_KeyVersion_ExportsCorrectVersion(t *testing.T) {
 	verifyExportsCorrectVersion(t, "hmac-key", "ecdsa-p384")
 	verifyExportsCorrectVersion(t, "hmac-key", "ecdsa-p521")
 	verifyExportsCorrectVersion(t, "hmac-key", "ed25519")
+	verifyExportsCorrectVersion(t, "hmac-key", "hmac")
 }
 
 func verifyExportsCorrectVersion(t *testing.T, exportType, keyType string) {
@@ -43,6 +44,9 @@ func verifyExportsCorrectVersion(t *testing.T, exportType, keyType string) {
 		"exportable": true,
 		"type":       keyType,
 	}
+	if keyType == "hmac" {
+		req.Data["key_size"] = 32
+	}
 	_, err := b.HandleRequest(context.Background(), req)
 	if err != nil {
 		t.Fatal(err)
diff --git a/changelog/20864.txt b/changelog/20864.txt
new file mode 100644
index 0000000000..7193c6b81f
--- /dev/null
+++ b/changelog/20864.txt
@@ -0,0 +1,5 @@
+```release-note:bug
+secrets/transit: Fix export of HMAC-only key, correctly exporting the key used for sign operations. For consumers of the previously incorrect key, use the plaintext export to retrieve these incorrect keys and import them as new versions.
+secrets/transit: Fix bug related to shorter dedicated HMAC key sizing.
+sdk/helper/keysutil: New HMAC type policies will have HMACKey equal to Key and be copied over on import.
+```
diff --git a/sdk/helper/keysutil/policy.go b/sdk/helper/keysutil/policy.go
index 99eadeac1f..869733b3e9 100644
--- a/sdk/helper/keysutil/policy.go
+++ b/sdk/helper/keysutil/policy.go
@@ -767,6 +767,10 @@ func (p *Policy) Upgrade(ctx context.Context, storage logical.Storage, randReade
 		entry.HMACKey = hmacKey
 		p.Keys[strconv.Itoa(p.LatestVersion)] = entry
 		persistNeeded = true
+
+		if p.Type == KeyType_HMAC {
+			entry.HMACKey = entry.Key
+		}
 	}
 
 	if persistNeeded {
@@ -1497,6 +1501,7 @@ func (p *Policy) ImportPublicOrPrivate(ctx context.Context, storage logical.Stor
 		entry.Key = key
 		if p.Type == KeyType_HMAC {
 			p.KeySize = len(key)
+			entry.HMACKey = key
 		}
 	} else {
 		var parsedKey any
@@ -1613,7 +1618,7 @@ func (p *Policy) RotateInMemory(randReader io.Reader) (retErr error) {
 		if p.Type == KeyType_AES128_GCM96 {
 			numBytes = 16
 		} else if p.Type == KeyType_HMAC {
-			numBytes := p.KeySize
+			numBytes = p.KeySize
 			if numBytes < HmacMinKeySize || numBytes > HmacMaxKeySize {
 				return fmt.Errorf("invalid key size for HMAC key, must be between %d and %d bytes", HmacMinKeySize, HmacMaxKeySize)
 			}
@@ -1624,6 +1629,11 @@ func (p *Policy) RotateInMemory(randReader io.Reader) (retErr error) {
 		}
 		entry.Key = newKey
 
+		if p.Type == KeyType_HMAC {
+			// To avoid causing problems, ensure HMACKey = Key.
+			entry.HMACKey = newKey
+		}
+
 	case KeyType_ECDSA_P256, KeyType_ECDSA_P384, KeyType_ECDSA_P521:
 		var curve elliptic.Curve
 		switch p.Type {