Then by all means try it in 12.0.51, please.
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OK for me in 12.0.40 on Windows 10
Weird, this is what happens to me. Note sure whether there is a setting to prevent drag’n’drop export.
Guessing may be a permissions thing? Does it happen if you run Cubase in Administrator mode? 
Hi,
Try to drop to other location but Desktop, please.
Quick way to achieve this, disable all the other MIDI tracks, then export.
I am on 11 still so I can’t comment about 12, but give this a shot.
To whoever want to export a single midi track/clip - just drag n drop it into some location (D: C: Desktop).