I found that, when you use EXTERNAL TABLE and LOCATION together, Hive creates table and initially no data will present (assuming your data location is different from the Hive 'LOCATION').
When you use 'LOAD DATA INPATH' command, the data get MOVED (instead of copy) from data location to location that you specified while creating Hive table.
If location is not given when you create Hive table, it uses internal Hive warehouse location and data will get moved from your source data location to internal Hive data warehouse location (i.e. /user/hive/warehouse/).