Both seem very similar. In terms of explaining the previous line in the meaning of "namely" or "in the sense of" right?
Statement blabla ... tsumari/sunawachi, blabla.
Any particular difference to choose between either?
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Both can mean "namely" or "that is to say", but すなわち is clearly more formal and stiff. If an elementary school children used it in a casual conversation, probably I can't help laughing. つまり is a more common word that can be used in almost any situation.
You should usually write these in hiragana unless you intentionally want to make a stilted and old-fashioned sentence.