The revision may be considered at the Monetary Policy Committee's meeting on Sept 17, Roong Mallikamas, a senior director of the central bank, said on Friday.
July shipments contracted by 0.5% year-on-year to 18.7 billion baht. The sectors that saw the largest reductions were chemicals, rubber and electronics.
"The economy picked up in July as domestic consumption resumed growth after 11 months of declines," Mrs Roong said.
Private investment also benefited from recovering confidence, as reflected by non-municipal construction and new factory licences.
Tourism also showed signs of improvement as the political situation stabilised.