New Delhi, Feb 1 (PTI) Finance Minister Arun Jaitley today said the country's exports are likely to expand by about 15 per cent during the current fiscal.

"Our exports are expected to grow at about 15 per cent in 2017-18," he said while presenting Union Budget 2018-19 here.

The country's merchandise shipments rose 12.36 per cent to USD 27.03 billion in December 2017.

Cumulatively, exports during April-December 2017-18 grew by 12.05 per cent to USD 223.512 billion.

Total exports value was recorded at USD 274.64 billion in 2016-17, up from USD 262.29 billion in the preceding year.

Currently, the government provides export incentives through two schemes merchandise and services export from India scheme.

In December last year, the government announced incentives worth ₹ 8,450 crore to boost exports of goods and services, mainly from labour-intensive sectors.

Export incentives driving projected export growth after government announced targeted stimulus to boost labour intensive sectors. The statement projects significant export expansion for the fiscal year and situates that projection alongside recent merchandise shipment increases, while identifying the government's use of export incentives - including the merchandise and services export from India scheme and a targeted stimulus for labour intensive sectors - as the operative fiscal measures intended to promote goods and services exports.