Depends who you ask. My Honduran girlfriend from a few years back told me that residents of Central America do not consider themselves to be norteamericanos. To them, it was pretty much Canada-USA-Mexico only.
Panama was part of Colombia until 1903. I think some geographers redefined the border between North and South America at that point, placing it at that new international border.
You have to separate the political-cultural and geographic meaning.
Geography aside, from the political and cultural point of view, North America means just Canada and the United States. Mexico is culturally much different, it is a Latin American country. The only thing that could question that is its membership in NAFTA.
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