Since using xdata, there is used for external RAM. The program file is hex. then, the part of xdata, where is located?
"The HEX file contains only your program code - it does not contain data." But it does contain the values for initializing those static duration data objects that are defined with initializers.
"But it [the Hex file] does contain the values for initializing those static duration data objects that are defined with initializers." Yes, but that is code that the processor has to execute to copy the values from CODE space to XDATA space each time it runs. Apart from the special cases already noted, XDATA is not loaded direct from the Hex file.