Zimbabwe’s gold exports are still moving smoothly through the Middle East despite rising regional tensions, according to Deputy Finance Minister Kudakwashe Mnangagwa.

That matters because gold remains one of Zimbabwe’s most important export earners, and any serious disruption in Middle East trade routes or buyer demand would quickly hit foreign currency inflows. The reassurance from government comes after earlier warnings from business groups that escalating conflict in the region could threaten one of the country’s biggest trade channels.

Mnangagwa told lawmakers that Fidelity Printers and Refiners, the country’s sole authorised gold seller, had not flagged any major concerns.

“We have not received any red flags or concerns from Fidelity Printers and Refineries, which is the sole agent that sells our gold,” Mnangagwa said.

He added that government agencies were continuing to monitor the situation closely and said the current flow remained stable.

That statement pushes back against fears raised last month by the Zimbabwe National Chamber of Commerce, which warned that worsening instability in the Middle East could place the country’s gold exports under pressure.

The concern is not abstract. The United Arab Emirates is a critical destination for Zimbabwe’s bullion shipments, and any interruption there would affect one of the country’s most reliable sources of export income.

Official data shows how exposed Zimbabwe is to that route. Gold accounted for 45 percent of total export earnings in February, according to government figures, underlining how heavily the economy still depends on mineral exports for foreign currency generation.

Dubai was Zimbabwe’s single largest export destination, generating US$468.4 million in export value, according to the Zimbabwe National Statistics Agency. Most of that trade was made up of gold shipments.

That is the real issue beneath the reassurance. Zimbabwe may not yet be seeing disruption, but it remains heavily dependent on a regional trade channel that sits close to one of the world’s most volatile geopolitical flashpoints.

As long as gold keeps moving, government can claim stability. But the concentration risk remains obvious. If the Middle East conflict widens or begins to affect logistics, insurance, payments or buyer appetite, Zimbabwe’s export position could tighten quickly.

For now, officials say the trade is holding. The bigger question is how long Zimbabwe can rely so heavily on a gold corridor that remains smooth only as long as the wider region does.