Both ghazawat (sing. ghazwah) and saraya (sing. sariyyah) are types of expeditions, some military, some diplomatic, some economic, etc. An expedition in which the Prophet (saws) personally participated (i.e. travelled with) is called a ghazwah and an expedition that he (saws) ordered but didn't personally participate in it and rather appointed others to lead is called a sariyyah.
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