In 1856, Mexico opened a consular office in Panama City which was under the administration of the Mexican Legation in Bogotá.

[1] During the 1980s, foreign ministers of Colombia, Mexico, Panama and Venezuela created the Contadora Group in order to diplomatically try to resolve the crisis facing many Central American nations at the time.

[2] In 1989, Mexico and Panama withdrew their respective ambassadors after the accusations from the United States and international community that the former Panamanian President Manuel Noriega was involved in money laundering and was not democratically elected.

[5] In November 2024, Mexican President Claudia Sheinbaum made a brief layover in Panama while on a commercial flight on her way to Brazil.

[17] Mexico's main exports to Panama include: household electronics, steel, copper alloys and construction parts, motor vehicles, alcohol and petroleum oil.

[17] Mexican multinational companies such as América Móvil, Cemex, Grupo Bimbo and Gruma (among others) operate in Panama.