UPDATE 2-China crude import growth eases as tanks swell

* Sept crude imports at 4.19 mln bpd, up 14 pct on yr

* Jan-Sept refined fuel exports up 38 pct; imports down 8 pct

* Mixed signals ahead for imports on stockbuild vs margins (Adds trader, industry comments, car sales graphic, net fuel imports)

BEIJING, Oct 14 - China's September crude oil imports rose 14 percent from a year earlier, but eased from peak rates in the previous few months that have boosted domestic crude stocks to record highs.

September imports were 17.2 million tonnes, or 4.19 million barrels per day (bpd), preliminary customs data showed on Wednesday, down from August's 4.35 million bpd and off July's all-time high of 4.62 million bpd.

China, which has overtaken Japan as the world's second-largest crude importer, has since April posted positive year-on-year growth in crude purchases to feed new refining facilities as domestic fuel demand gradually recovers on the back of economic recovery.

The easing pace of imports was in line with traders' expectations as commercial crude oil inventories swelled to record highs and after the government boosted its stockpiles early in the year, but evidence of a sustained slowdown in buying could temper oil prices that are at a new 2009 high.

More signs of the world's third-largest economy rebounding from the crisis have led some to believe China would need more crude to fuel the growth in the coming months.

"Demand is really covering. This should be the driving factor looking forward for China's crude imports," said Liu Keyu, deputy director of CNPC's Research Institute of Economics and Technology.

Imports for the first nine months rose 8.2 percent on year at 146.07 million tonnes, or 3.9 million bpd.

"Refiners seem to be wanting more oil as confidence about the economy grows," said a Beijing-based trader with a major crude exporter.

For a graphic of China's crude oil import history: http://graphics.thomsonreuters.com/109/CN_CRDIM1009.gif

But analysts also warned that a strong base effect was likely to temper growth rates in the coming months amid the absence of the inventory build-up that inflated year-ago figures.

In September 2008, state-run Sinopec Corp and PetroChina were tempted back into the market after crude's tumble from its near-$147 peak in July, in part to fill the government reserve tanks.

China's total exports and imports fell in September from year-earlier levels for the 10th month in a row, providing fresh evidence that China has seen the worst of the contraction in trade flows cuased by the global financial meltdown.

FUEL EXPORTS SURGE

Although there are compelling reasons, such as record new car sales, for Chinese refiners to maintain hefty crude oil imports, they don't all suggest robust oil demand in the world's No. 2 consumer.

While Beijing's massive stimulus package, auto-sector support and pledge to guarantee its refiners' profitable margins have ensured a measure of growth in domestic consumption, a growing share of refiners' production has been sold overseas this year as fuel stocks have swelled.

Net oil product imports in September fell 55 percent from August and down 35 percent over a year earlier, as Sinopec and PetroChina shipped more refined fuel overseas, calculations based on customs data showed.

Gasoline exports hit the highest in 2-½ years in August and diesel exports more than doubled from traders' estimates in the same month, customs data has shown.

China's car sales last month surged nearly 84 percent on year earlier to a new record of 1.02 million units, set to power gasoline consumption.

(For a chart of China's car sales, click http://graphics.thomsonreuters.com/109/CN_CRSLS1009.gif)

With domestic profits assured by rising retail fuel prices and tax incentives on exports, the country's top dozen refineries maintained operations at record rates last month, an earlier Reuters survey found..

China is due to release national refinery throughput data late next week.