The CONCACAF member is currently joint 61st with Albania in the FIFA world ranking and finished runner-up in the 2013 Gold Cup, where they lost the final 1-0 to USA.
They narrowly missed out to Mexico in qualifying for the 2014 World Cup.
Richard Wright, general manager of New Balance Football, says: “You can see from Panama’s performance in the 2013 Gold Cup and last year’s World Cup qualification that they are an exciting team clearly on the ascendance on the international stage.
“Much like New Balance Football, the country isn’t afraid to take on some of the more established names in football.
“They are a team we are proud to be involved with and one we hope to share success with in the future.”
The New Balance Panama kits will be worn for the first time during the Under-20s World Cup in New Zealand in June.
