During the 2019-2021 Persian Gulf crisis, Indonesia had seized Iranian and Panamanian tankers in Borneo.

Currently Panama is Indonesia's fourth largest trading partner in Latin America after Brazil, Argentina and Chile.

Indonesian main export to Panama are footwear, electronic parts, textile, and vehicle tire.

While Indonesian imports from Panama mainly in shipping sector, such as passenger and cargo vessel, oil tanker, also ferrous waste and scrap.

[4] Indonesian traditional textiles, batik and ikat made its first appearance in Fashion Week Panama from October 10 to 12 in Atlapa Convention Centre.