The same thing happens with digital raw file exports as well.
http://i.cubeupload.com/m5c4nj.jpg
In this example, making a quick calculation, while the pixel size is 1600 x 1067 and ppi is 300, the document size should be 13,55 x 9,03cm.
http://www.photokaboom.com/photography/learn/printing/1_calculators.htm
Is my software somehow strangely broken? I haven't come across this problem online.