If  you copy the two columns of the Excel table to Word, and save it as a
Word document, with its path identified in place of  "D:\My
Documents\Test\changes.doc" in the line:-

sFname = "D:\My Documents\Test\changes.doc"

the following macro run on your document will replace all the items in the
first column with the corresponding items in the second column

Sub ReplaceFromTableList()

Dim ChangeDoc As Document, RefDoc As Document
Dim cTable As Table
Dim oldPart As Range, newPart As Range
Dim i As Long
Dim sFname As String

sFname = "D:\My Documents\Test\changes.doc"
Set RefDoc = ActiveDocument
Set ChangeDoc = Documents.Open(sFname)
Set cTable = ChangeDoc.Tables(1)
RefDoc.Activate
For i = 1 To cTable.Rows.Count
   Set oldPart = cTable.Cell(i, 1).Range
   oldPart.End = oldPart.End - 1
   Set newPart = cTable.Cell(i, 2).Range
   newPart.End = newPart.End - 1
   With Selection
       .HomeKey wdStory
       With .Find
           .ClearFormatting
           .Replacement.ClearFormatting
           .Execute findText:=oldPart, _
           ReplaceWith:=newPart, _
           Replace:=wdReplaceAll, _
           MatchWholeWord:=True, _
           MatchWildcards:=False, _
           Forward:=True, _
           Wrap:=wdFindContinue
       End With
   End With
Next i
ChangeDoc.Close wdDoNotSaveChanges
End Sub