This is the common query asked by most of the users of Export Notes or Notes Address Book Converter. So as to resolve this common query, please read the explanation stated below:
There are few reasons for the difference in the converted PST file size and the source NSF file as follows:
An empty NSF file size is around 13 MB (you can check this by creating new nsf file) whereas an empty pst size is 256 KB.
There is a difference in storage format of both the files (NSF file retains more email meta data as compared to PST file email metada).
Actual data present in the NSF file is less as compared to the size of the NSF. So resulting pst will be smaller in size as compared to source NSF file. To check this -