Question

What effects did it have on trade and commerce?

Answer 1

Industrial Revolution led to large scale productions which led to the expansion of trade and commerce. Surplus goods were sold to other countries. Increasing profits made the industrialized nations rich and prosperous. Trade also expanded because steamships were being used, which were superior to the earlier ships.
As production increased further, these nations began to look for new markets for the sale of finished products. This in turn led to competition among the European nations to acquire colonies in distant lands. These colonies would be used not only as ready markets for manufactured goods but also as constant suppliers of raw material for the industries.