Raced around fragrant wood (5)
I believe the answer is:
cedar
'fragrant wood' is the definition.
(I've seen this before)
'raced around' is the wordplay.
'around' is an anagram indicator.
'raced' anagrammed gives 'CEDAR'.
(Other definitions for cedar that I've seen before include "Deodar" , "may have needles?" , "Tree giving fragrant wood" , "Tree (Lebanese?)" , "Evergreen tree" .)